In only 200 words give your opinion on the bellow question from the attached manual (it is the only source you will use).
Financial institutions are required to test adequacy and effectiveness of their systems of control and AML/CFT Programs annually or at least periodically. The Board of Directors of your bank has determined that this will be an outsourced function and it will hire an independent firm to conduct these tests on an annual basis. Additionally, the Board has tasked you with the responsibility of selecting the appropriate firm that will be hired to perform these tests.
Question: What questions will you ask the firm in order to determine what their capabilities are in the area of independent evaluations and to ensure that the tests that they will conduct are appropriate for your financial institution and its operations?
Sample Solution
