Report on the Description of the National Settlement Depository Controls, Suitability of Controls Design and Operating Effectiveness,
12 October, 2015
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Objective 3. Controls provide reasonable assurance that payments are authorised, processed and recorded completely,
accurately and on a timely basis
Ref # Control procedure
Testing performed
Results of tests
3.1
Payment register (maquette) printed out from ASER is reconciled
against primary copies of payment documents by operating
division.
If no exceptions are identified then the register is signed by
responsible employee of operating division and sent to
Interregional data processing center of the Bank of Russia.
If exceptions are identified then the register is not processed
further.
For a sample of registers and payments re-performed the
reconciliation procedures and ensured no exceptions were
present that would have prevented the registers and
payments from being sent.
No exceptions noted
3.2
Functionality within ASER automatically verifies files received
from the Bank National Clearing Centre (further NCC) for
accuracy and completeness.
If exceptions are identified, files are not processed further.
Inspected the NCC files verification procedure in ASER and
noted that the system functionality prevents further file with
errors processing.
No exceptions noted
3.3
Dynamic exchange, which implies processing information on
monetary funds, accounted on bank and trading accounts, is
performed automatically without the possibility of operator
intervention.
For a sample of accounts observed information on monetary
funds processing during dynamic exchange and noted that
the system does not give the authority to operator
intervention.
No exceptions noted
3.4
Functionality within ASER prevents the credit of funds to seller
account without confirmation from Alameda that required
securities amount is blocked on seller's account while DVP
(operations of securities transfer with the control of payments on
terms Delivery versus payment) deals execution.
Observed sample of DVP deals executing process in ASER
and noted that the system functionality prevents the transfer
of funds to seller account without confirmation from
Alameda of required securities amount blocking.
No exceptions noted
3.5
Functionality within ASER prevents further processing without
sufficient funds on account while deals through international
settlement and clearing organization execution.
Inspected the deals through international settlement and
clearing organization executing procedure in ASER and
noted that the system functionality prevents deal processing
without sufficient funds on account.
No exceptions noted
