MAS: Annual report 2006 / 2007
	CONTENTS HOME   ENTERPRISE: Our Role BUILDING ON A ROBUST MACROECONOMIC ENVIRONMENT DEVELOPMENTS IN THE SINGAPORE SECURITIES MARKET FOSTERING A SOUND & REPUTABLE FINANCIAL CENTRE RISK MANAGEMENT & INFRASTRUCTURE GROWING SINGAPORE AS AN INTERNATIONALLY COMPETITIVE FINANCIAL CENTRE CURRENCY ORGANISATIONAL INITIATIVES		ORGANISATIONAL INITIATIVES 41 Risk-based Audit Approach 41 Front, Middle and Back Office System 41 Development of Key IT Systems to Support Organisational Initiatives 41 Streamlining of Logistics and Administrative Processes 41 Maintaining an Optimal Physical Working Environment for All 41 Ensuring the Efficient Use of Energy Resources 41 Box 10 - Second Phase of Amendments to MAS Act 41   ORGANISATIONAL INITIATIVES Risk-based Audit Approach MAS adopts a risk-based approach to its internal audits. During the financial year, the risk rating framework had been revised to enable MAS to perform a more robust assessment of the risk and impact of all MAS' activities and better prioritise audit resources. Based on this approach, we conducted risk-focused audits to ascertain the adequacy and effectiveness of controls and procedures across a wide spectrum of MAS’ operations. The internal controls of the audited areas were assessed to be satisfactory. MAS had also promptly implemented mitigating measures to address audit concerns and strengthen internal processes.