Governance Process
Managing the Quarterly Audit Observations RA report
February 2025















 
Contents
1.	Purpose & Scope	4
2.	Roles and Responsibilities	4
3.	Process Workflow	4

 

Revision 
Revision	Date	Description	Originator	Reviewer	Checker	Approver
R0	28/01/2025	Draft review	Pritish Mehta	Iskren Petkov	Michael Harrington	Gill Nolan
R1						
R2						

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1.	Purpose & Scope
This document outlines the governance framework and processes for managing the Quarterly Audit Observations Regulatory Authorities (RA) Report within the GRCA-D function. It aims to ensure the consistent, efficient, and effective management of audit observations while maintaining appropriate oversight and control. Additionally, it provides a clear action plan and timeline for addressing the auditor's findings.
2.	Roles and Responsibilities
Team/Role	Responsibilities
GRCA-D Team	- Coordinates the overall RA report process
- Maintains the audit observations database
- Performs initial risk assessments
- Prepares draft reports 
- Follow up with the relevant SMEs if a quality response is not provided within the agreed timeline
- Facilitates review meetings
- Tracks and follows up on action items
Head of GRCA-D	- Provides strategic oversight
- Reviews and approves final RA reports
- Ensures alignment with organizational risk
Function Heads	- Review audit observations relevant to their areas
- Validate risk assessments
- Approve remediation plans
- Ensure timely implementation of corrective actions

3.	Process Workflow




Process	Description
Data Collection	The presentation deck is distributed to all relevant Subject Matter Experts (SMEs) to request updates on the observations.
Preliminary Review	After updates are incorporated, the ODC team conducts an internal review to ensure alignment with regulatory requirements.
Draft Report Preparation	Following the preliminary review, a draft report is prepared and sent to the Leads and Head of Function (HOF) for review.
Internal Review / Approval	The draft report is submitted to the ODC Team Lead and HOF for internal review and approval. Any requested changes must be incorporated into the final report before submission to the Regulatory Authorities (RAs).
Submission	The final report is submitted to the RAs one week prior to the scheduled call.
Follow up	Before the call, the RAs are expected to provide a list of potential questions regarding the final report. After the call, all discussed action items must be addressed by the respective teams.
4.	Next Steps & Conclusion
4.1.	Next Steps
1.	Preparation for RA Call:
•	Collect and review any potential questions from the RAs regarding the final report.
•	Prepare responses and gather any additional information that may be required during the call.
2.	Conduct RA Call: Participate in the call with the RAs, addressing any questions or concerns they may have about the final report.
3.	Post-Call Follow-Up:
•	Document all action items discussed during the call.
•	Assign responsibilities and deadlines for each action item to the relevant teams.
•	Track the progress of these action items to ensure timely completion.
4.	Continuous Improvement:
•	Review the entire process to identify any areas for improvement.
•	Implement changes to enhance efficiency and effectiveness for future audit observation reports.
4.2.	Conclusion
The governance process for managing the Quarterly Audit Observations Regulatory Authorities (RA) Report within the GRCA-D function is designed to ensure thorough oversight and effective handling of audit observations. By adhering to the outlined roles and responsibilities, and following the detailed process workflow, the GRCA-D team can maintain high standards of regulatory compliance and risk management.
The structured approach, from data collection to submission and follow-up, ensures that all observations are addressed in a timely and efficient manner. This process not only supports regulatory requirements but also enhances the organization's overall risk management framework.


this is what i have modify it accordingly 
1.	Governance Process for Managing the Quarterly Audit Observations RA Report:
o	This document should outline the governance framework and associated processes to manage the quarterly audit observations RA report effectively.
o	It should detail roles, responsibilities, review protocols, and approval workflows to ensure clarity and alignment with GRCA-D objectives.