Citibank is a US Bank which lost US$500 million due to human error in August 2020. Read the case noted in the link below, and answer the following questions: https://finopsinfo.com/investors/citis-900m-blunder-casts-light-on-poor-loan-ops/ Develop a risk management programme appropriate for this case (use attached template) Explain how compliance to this risk management programme can prevent the operation risk issue experienced by Citibank. Discuss the importance of an internal risk assessment and auditing process in relation to this case Step 1 Risks Brief description & how it relates to the case Step 2 List of possible risks Likelihood/Probability of occurrenceH/M/L or Nil Impact (if occurred)H/M/L or Nil What is being done about it now What more can be done about it Dept. where risk exposure exists Step 3 Risk identified Impact (if occurred)H/M/L Probability of occurrenceH/M/L Dept. where risk exposure exists Control(Strategy) Review Date Step 4 Dept. where risk exposure exists Risk/Issue Recommended Actions Risk Rating H/M/L Responsible Person

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 15CYBK

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Related questions

Question

Citibank is a US Bank which lost US$500 million due to human error in August 2020. Read the case noted in the link below, and answer the following questions:

https://finopsinfo.com/investors/citis-900m-blunder-casts-light-on-poor-loan-ops/

Develop a risk management programme appropriate for this case (use attached template)
Explain how compliance to this risk management programme can prevent the operation risk issue experienced by Citibank.
Discuss the importance of an internal risk assessment and auditing process in relation to this case

Step 1

Risks Brief description & how it relates to the case

Step 2

List of possible risks	Likelihood/Probability of occurrence H/M/L or Nil	Impact (if occurred) H/M/L or Nil	What is being done about it now	What more can be done about it	Dept. where risk exposure exists