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Strengthening the internal control and audit framework

Project Details

CLIENT

FPM ASBL

YEAR

2016-2017

COUNTRY / REGION

DR Congo / Sub-Saharan Africa

EXPERTISE

Banking & SME Finance

Inclusive Finance

KEY TOPICS

Risk-Based Process Audit

Microfinance

CONTACT

Dörte Weidig

FPM ASBL is a not-for-profit company established in DR Congo in 2010 at the initiative of various development institutions. Its mission is to provide technical and financial support to financial institutions targeting the MSME sector in DR Congo with the goal to promote financial inclusion.

In May 2014, FPM conducted an institutional evaluation of its partner MFI SMICO, identifying several areas requiring improvement to increase efficiency and productivity. This included the need for an effective internal control framework adapted to SMICO’s context and the nature of its microfinance activities. IPC was contracted to design and implement the internal control framework based on best practices in the industry.

IPC’s experts implemented the following tasks:

  • conducting a document review: credit policies and procedures, forms, tools, organisation charts, reports of the risk management department
  • organising interviews with key staff: directors, branch heads, front- and back-office operational staff and other head office staff
  • observing and supporting operational staff in branches and in key positions: internal audit, risk management, key lending operations
  • revising the previously developed risk mapping
  • providing recommendations on improvements needed in the internal control system and risk mapping
  • jointly with general management, developing an implementation plan for the recommendations
  • training and supervising staff during the implementation of the internal control system and risk mapping
  • preparing training materials and organising trainings on the internal control system and on risk mapping
  • integrating the agreed changes to the internal control system into policies, procedures, forms, tools and other documents
  • organising training for internal trainers and adapting the training materials for future trainings

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