audit of digital fee collection department of bank
I. Governance and Compliance
II. Technology and Infrastructure
III. Process and Operations
- Identify all steps involved in fee collection.
- Document workflows for clarity and compliance.
- Map out interactions between departments.
- Evaluate bottlenecks or delays in the process.
- Ensure processes align with organizational policies.
- Cross-check fees against regulatory guidelines.
- Review documentation for fee calculations.
- Ensure transparency in pricing for customers.
- Confirm that fees are consistently applied.
- Assess the process for updating fee structures.
- Measure time taken for each transaction step.
- Identify areas causing delays.
- Compare processing times against industry standards.
- Evaluate system performance during peak times.
- Gather feedback from users on processing speed.
- Assess response times to customer inquiries.
- Evaluate the training provided to customer service staff.
- Review documentation for dispute resolution processes.
- Analyze customer feedback for service improvement.
- Ensure protocols comply with regulatory requirements.
- Review materials provided to new customers.
- Ensure clarity in fee-related information.
- Assess the timing of fee disclosures during onboarding.
- Evaluate customer understanding of fees.
- Identify any gaps in the onboarding process.
- Assess how fee collection interfaces with account management.
- Evaluate the impact on customer experience.
- Identify overlaps or redundancies in processes.
- Ensure seamless transitions between services.
- Review technology used for integration.
- Ensure accuracy in matching fee collections to statements.
- Identify discrepancies and investigate causes.
- Assess frequency of reconciliation activities.
- Evaluate documentation of reconciliation processes.
- Ensure compliance with internal controls.
- Review channels used for fee notifications.
- Evaluate clarity and frequency of communications.
- Assess customer feedback on communication effectiveness.
- Ensure compliance with notification requirements.
- Identify improvements for better customer awareness.
- Review training materials for accuracy and comprehensiveness.
- Assess frequency and format of training sessions.
- Gather feedback from staff on training effectiveness.
- Ensure updates are communicated promptly.
- Evaluate staff understanding of fee-related policies.
- Assess current automation tools in use.
- Evaluate the impact on processing times.
- Identify areas for potential automation.
- Gather feedback from staff on automation effectiveness.
- Review cost-benefit analysis of automation solutions.
- Identify applicable laws and regulations.
- Assess current compliance measures in place.
- Review documentation for fee disclosures.
- Evaluate processes for monitoring compliance.
- Ensure staff are trained on legal requirements.
- Review documentation for consistency and completeness.
- Assess the criteria used for waivers.
- Evaluate the approval process for exceptions.
- Ensure that records are easily accessible.
- Identify areas for improvement in documentation.
- Review tools and methods used for data analysis.
- Assess the effectiveness of insights generated.
- Identify trends in fee-related customer behavior.
- Evaluate how data informs decision-making.
- Ensure data privacy compliance in analytics.
- Gather customer feedback on fee perception.
- Analyze retention rates in relation to fees.
- Evaluate the correlation between fees and satisfaction metrics.
- Identify strategies to mitigate negative impacts.
- Review industry benchmarks for customer retention.
- Assess the criteria for fee structure updates.
- Evaluate the frequency of market assessments.
- Ensure stakeholder involvement in decision-making.
- Review communication strategies for changes.
- Document the rationale for fee adjustments.
- Review existing internal control measures.
- Assess the effectiveness of fraud detection mechanisms.
- Evaluate segregation of duties in fee processing.
- Ensure regular audits are conducted.
- Document any incidents of errors or fraud.
Use in Manifestly