Panel member and PwC partner Yann Umbricht told the assembled treasurers at the April event that, from an audit perspective, it is not just bottom-level operational controls that are important – the whole control framework needs to be considered. The process starts with ensuring the board understands what constitutes risk, and moves on to an examination of a range of risks: financial (such as FX), funding and liquidity, as well as operational risks such as lack of segregation of duties.
