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.