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RETIRED MOD
- Joined
- Mar 24, 2006
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Hi,
I hope some of you guys can help me out.
I am trying to find some governing document with some guidelines for controls of rolling out new financial products in a fast changing environment, for example loans company. I'm also working on creating a guideline of my own.
I'm covering perspectives from Software Developers, from Business users and now I wanted to gauge the responsibility of the Finance department of products rolled out. Finance departments are primarily in charge of financial reporting such as to regulatory authorities and to senior management on things like Profit/Income.
In the financial environment we have products rolled out that have complex formulas for interest accruals. I'm trying to determine, when new products are rolled out, who should be responsible for this calculation or its miscalculation.
1) When the new product system is in testing? Who needs to identify the bugs? Software Developers, Operational business users (customer facing and back-end processing), or Finance Department?
2) When The system has been rolled out? Who should have picked up any anomalies in the performance of the new product?
3) When 1 & 2 failed to pick up a bug and its discovered in a disaster stage? Who takes the fall and who gives direction to fix things?
Can you guys give your input if the Finance department holds any responsibility and where all it can be accountable in the above situations? And if there are any governing documents, best practices that I can refer to about financial controls responsibilities in these situations that would be great.
I hope some of you guys can help me out.
I am trying to find some governing document with some guidelines for controls of rolling out new financial products in a fast changing environment, for example loans company. I'm also working on creating a guideline of my own.
I'm covering perspectives from Software Developers, from Business users and now I wanted to gauge the responsibility of the Finance department of products rolled out. Finance departments are primarily in charge of financial reporting such as to regulatory authorities and to senior management on things like Profit/Income.
In the financial environment we have products rolled out that have complex formulas for interest accruals. I'm trying to determine, when new products are rolled out, who should be responsible for this calculation or its miscalculation.
1) When the new product system is in testing? Who needs to identify the bugs? Software Developers, Operational business users (customer facing and back-end processing), or Finance Department?
2) When The system has been rolled out? Who should have picked up any anomalies in the performance of the new product?
3) When 1 & 2 failed to pick up a bug and its discovered in a disaster stage? Who takes the fall and who gives direction to fix things?
Can you guys give your input if the Finance department holds any responsibility and where all it can be accountable in the above situations? And if there are any governing documents, best practices that I can refer to about financial controls responsibilities in these situations that would be great.
