Outsourced payment processing review
Client: UK FCA & PRA Regulated Bank
Scope: The Bank had initiated a project to roll-out a new payment card product to its customers having partnered with a payment service provider. However, the product development project had incurred long delays and required various modifications to be made to the product offering. Ashlynwood was engaged to review the project management for the payment cards to ensure timely delivery of the new product offering.
Engagement: As with any project, there are various key stages, such as: (1) Initiation, (2) Planning, (3) Testing, (4) Execution and (5) Completion, Ashlynwood undertook a thorough review of the Bank’s project planning, including documentation review as well as discussions with key project team members to ascertain adequacy of internal control environment for the new product offering. Ashlynwood further reviewed the contractual agreements with the outsourced payment service provider with whom the Bank was reliant upon to maintain the payment card offering. The review focused on the Bank’s establishment of appropriate oversight controls over the outsourced activities and the management of any associated risks to ensure that the Bank met all its regulatory requirements.
Outcome: Ashlynwood’s report was submitted to the Board of the Bank, with multiple recommendations to strengthen both overall project management within the Bank and Internal controls for the new product offering.