Functions and process flows of Internal Control Department in BRAC Bank Limited
AuthorHossain, Syed Nazmul
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BRACK Bank Limited (BBL) is one of the largest and fastest growing banks in the country. The Bank operates under a "double bottom line" agenda where profit and social responsibility go hand in hand as it strives towards a poverty-free, enlightened Bangladesh. To ensure customer satisfaction, its professionalism, its efficiency and corporate governance, the “Internal Control department (IC)” of the bank plays the vital role. It is immense responsibility for the IC department to guide and monitor a massive. Therefore, this report aims to provide a clear picture of the different activities and practices of IC department of BRAC Bank Limited. At the first part of the report, a brief introduction of the study is given. In this part the rationale, objective and most importantly the methodology is clearly described, which help to understand the study properly. After that in part two, three and four the organization profile, literature review and Bangladesh Bank’s guidelines of IC is given respectively. Next comes the part of IC department. In these chapters the focus is given to the different activities and practices by the IC department. A thorough analytical discussion on IC provides a clear and concrete picture of BBL’s attitudes towards the importance of independent auditing, corporate governance and responsibilities to the investors. In this report, it has been tried to identify the existing Internal Control system of BRAC Bank Ltd. In the study only those relating facts were considered which were linked to the control and compliance activities performed by IC. Internal Control Department has been restructured to focus more on Regulatory Issues and Internal Control Mechanism. The main objective of this Internal Control function to put the bank in a balanced position of Risk and Return, and no Risk should be unidentified and non-calculative. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Risk is the potential of losing something of value, weighed against the potential to gain something of value. Values (such as physical health, social status, emotional wellbeing or financial wealth) can be gained or lost when taking risk resulting from a given action, activity and/or inaction, foreseen or unforeseen.