Listing of Principles :
4 Operations
4.3 Company-wide
Principle no. 35: Transaction reporting
Management should take sufficient measures to satisfy itself that its transactions are being reported to all necessary regulators and exchanges, if applicable, on a timely basis.
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Principle no. 36: Recruitment and staffing
The company should ensure that all treasury management, trading, operations, risk management and auditing activities are undertaken by professionals in sufficient number and with appropriate experience, skill levels and degree of specialisation.
Principle no. 37: Training
The requisite skills, training and experience for each level of treasury resource should be aligned to the output expected from an employee on that level (as defined in the education framework proposed to the International Group of Treasury Associations (IGTA))
Principle no. 38: Compensation policies
Compensation levels should reflect the skills required in each area of the business: compensation policies should not encourage behaviour that is inconsistent with the companyís goals.
Principle no. 39: Internal audit
An internal audit function should be set up by the board to examine, evaluate and report on accounting and other controls over operations. Internal audit should be specifically charged with assessing, for each area it examines, the adequacy or otherwise of the IT and other systems in operation, in relation to the risk management strategy adopted.
Principle no. 40: Taxation
The executive committee should ensure that the firmís activities taken as a whole, and the individual company and business lines taken separately, are subject to regular informed review by tax experts so that the business should not be exposed to material risk of loss due to breaches of tax legislation or failure to anticipate tax problems.
Principle no. 41: Legal documentation
Relationships with all custodians, brokers and trading counterparties should be determined and appropriate legal documentation should be in place before any business commences. This should also apply where a group of companies under common ownership transacts and/or deals between its members.
Principle no. 42: Business continuation
The board must ensure that adequate and comprehensive business continuation plans have been established and tested to address any disruption to normal business operations.
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