SEGURIDAD DE LAS INVERSIONES

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1 Distribución: Reservada EB 2003/80/R.13/Rev.1 18 diciembre 2003 Original: Inglés Tema 8 d) i) del prgrama Españl a FIDA FONDO INTERNACIONAL DE DESARROLLO AGRÍCOLA Junta Ejecutiva 80º períd de sesines Rma, 17 y 18 de diciembre de 2003 SEGURIDAD DE LAS INVERSIONES INTRODUCCIÓN 1. En el infrme presentad al Cnsej de Gbernadres 1, la Cnsulta sbre la Sexta Repsición de ls Recurss del FIDA recmendó que en 2003 la dirección llevara a términ un examen de la plítica de inversines del Fnd pr l que se refería en particular a la seguridad de las inversines, la gestión de activs y pasivs y la presentación de infrmes a la Junta Ejecutiva, cn miras a pner esa plítica en cnsnancia cn las nrmas y ls principis utilizads pr tras institucines que trgan préstams para el desarrll. Se especificó que ese examen había de ser llevad a cab pr la dirección y presentad a la Junta Ejecutiva en diciembre de En cumplimient de esa recmendación, la dirección realizó un examen de las inversines de la rganización. Cn el fin de que esa tarea se llevara a cab cn bjetividad y de manera cmpetente, se dividió en las tres esferas indicadas pr el Cnsej de Gbernadres: a) examen de la seguridad de las inversines, en el marc del cual se evaluó la idneidad del sistema de cntrles interns aplicable a las inversines y ls riesgs relacinads cn las peracines de inversión (se abrda en el presente dcument); b) examen de la gestión de activs y pasivs, en relación cn el cual se revisó y estableció un mdel de gestión de riesgs financiers basad en una cmbinación adecuada de activs y pasivs inscrits en el balance, a fin de cumplir ls bjetivs financiers de la institución de cnservar su capital y aumentar ls ingress derivads de sus inversines y, al mism tiemp, reducir la inestabilidad de ls ingress y minimizar ls riesgs financiers (el dcument sbre esta cuestión se va a presentar a la Junta cn la signatura EB 2003/80/R.14), y 1 Dar a ls pbres de las znas rurales la prtunidad de salir de salir de la pbreza: Infrme de la Cnsulta sbre la Sexta de la Repsición de ls Recurss del FIDA ( ) (dcument GC 26 L.4). Pr raznes presupuestarias y eclógicas, ls dcuments del FIDA se prducen en cantidad limitada. Se ruega a ls delegads que lleven cnsig a las reunines ls dcuments que reciban y que limiten su slicitud de ejemplares adicinales.

2 a FONDO INTERNACIONAL DE DESARROLLO AGRÍCOLA c) presentación de infrmes periódics a la Junta Ejecutiva (dcument EB 2003/80/R.14). 3. Cn el fin de llegar a tener una pinión ttalmente independiente de la seguridad de las inversines del FIDA, para la realización de este examen la dirección decidió recurrir a la cntratación externa de especialistas en inversines que cncieran las prácticas más idóneas en ls sectres públic y privad. La Oficina de Auditría Interna hiz las veces de facilitadra de esa tarea y se slicitarn prpuestas a seis empresas que reunían ls requisits necesaris en materia de cncimients sbre inversines. Esas prpuestas fuern evaluadas de cnfrmidad cn ls prcedimients habituales de adquisicines y, tras estudiarlas debidamente, el Cmité de Examen de Cntrats del FIDA seleccinó a Madisn Cnsulting Grup (en adelante Madisn) de New Jersey (Estads Unids). En esa decisión influyó el hech de que Madisn había realizad pc antes un trabaj sbre las inversines de la Caja Cmún de Pensines del Persnal de las Nacines Unidas. 4. Madisn tuv acces sin restriccines a tds ls dcuments clave sbre inversines y al persnal cmpetente. El equip encargad del examen visitó el FIDA durante ds semanas en el mes de juli y publicó un brradr de su infrme a cmienzs de agst. Madisn regresó al FIDA en agst para recabar las bservacines del persnal del Fnd antes de publicar el infrme final en ctubre. 5. A cntinuación se reprduce el resumen de las cnclusines clave de Madisn, tal cm figura en su infrme final (se adjunta una cpia de dich infrme): RESUMEN DE LAS CONCLUSIONES CLAVE La Tesrería del FIDA ha intrducid en ls últims tiemps imprtantes mejras en ls cntrles interns y la gestión de ls riesgs, gracias a la aplicación de las recmendacines de auditría, en particular las relativas a la actualización del Manual de Tesrería, la aplicación de indicadres básics de resultads y las mdificacines en materia de adquisicines. Además, recientemente se han efectuad alguns cambis de tip rganizativ y de persnal. El estudi se ha realizad teniend en cuenta ese cntext. Tras examinar las cndicines generales de cntrl de las inversines, Madisn clasificó sus cnclusines en cinc categrías: cntrl de las actividades, mecanism de adpción de decisines, estructuración rgánica y del persnal, adquisicines y planificación de la cntinuidad. Las esferas más precupantes sn las de la planificación de la cntinuidad y la estructuración rgánica y del persnal. En las demás, aunque existen prtunidades clave para intrducir mejras, el sistema general de cntrl actualmente en vigr funcina de manera adecuada. Las cinc cnclusines y recmendacines fundamentales sn las siguientes: 1) Dad que el FIDA n cuenta en ests mments cn un plan de cntinuidad frmal, se recmienda que, en su calidad de rganización, adpte ficialmente un mecanism para planificar la cntinuidad de las actividades, creand nmbrand un órgan rectr que se cupe de supervisar el prces de gestión de la cntinuidad de las actividades. Ese cmité permanente de gestión tendría el cmetid de frmular la plítica del FIDA a este respect. El plan adptad para asegurar la cntinuidad de las actividades en cas de imprevists debería tener en cuenta tant ls aspects peracinales cm tecnlógics. 2

3 a FONDO INTERNACIONAL DE DESARROLLO AGRÍCOLA 2) La Tesrería debería realizar un examen prmenrizad de las necesidades de persnal, teniend en cuenta un margen de reserva adecuad y las mdificacines que se prduzcan a raíz del Prgrama de Cambi Estratégic. Habría que detectar y afrntar ls riesgs clave relacinads cn el persnal, incluids ls relativs al persnal tempral que desempeña funcines fundamentales y la psible falta de apy adecuad. 3) El actual Cmité Asesr en materia de Inversines debería escindirse en un cmité de estrategias de inversión, que se encargaría principalmente de las decisines estratégicas y sbre plíticas, y un cmité de peracines de inversión, que se centraría en las decisines relativas a esas peracines. Este últim se reuniría cn mayr frecuencia y habría de tener flexibilidad para adptar decisines a crt plaz en función de ls cambis en las cndicines del mercad, pr ejempl, decisines sbre reasignación de activs y sbre ajustes de la duración dentr de uns límites predefinids en relación cn ls bjetivs de plítica prevists. 4) Mientras n se lleve a cab una integración de ls sistemas y se intrduzca un métd de prcesamient ttalmente autmatizad, habría que mejrar la prtección de las hjas de cálcul utilizadas actualmente cn fines de cntrl y cntabilidad para reducir ls riesgs peracinales. 5) El desarrll de una capacidad de previsión de la dispnibilidad de efectiv a más larg plaz permitiría mejrar las funcines de gestión de la liquidez y de las inversines a crt plaz. Cabe destacar también las siguientes cnclusines: Cntrl de las actividades La Tesrería debería prever un lugar más segur para ls servidres SWIFT/BCI, pr ejempl, una sala acndicinada cn un sistema de cierre autmátic a la que se acceda cn una tarjeta cdificada, que permitiera cntrlar tdas las entradas y salidas del persnal autrizad. En una sala dtada de este tip de instalación, además de un sistema de víde vigilancia, quedarían registrads tds ls cambis efectuads en ls servidres SWIFT/BCI, ya fuera a través de ls códigs de identificación de acces a la sala del servidr al equip mism, mediante la verificación visual de la identidad de la persna. Es imprescindible que el Sistema de Préstams y Dnacines esté plenamente integrad cn PepleSft, ya que n está previst sustituir dich sistema cn un módul de PepleSft. Deberían elabrarse indicadres básics de resultads para las actividades de gestión de tesrería, parecids a ls indicadres elabrads para us del custdi y de ls administradres externs. 3

4 a FONDO INTERNACIONAL DE DESARROLLO AGRÍCOLA Mecanism de adpción de decisines Habría que centralizar dentr de la Tesrería tdas las funcines relacinadas cn el crédit e instituir ficialmente funcines de gestión de activs y pasivs. Entre las actividades relacinadas cn el crédit se incluirían el examen y la frmulación de recmendacines sbre las cndicines que han de reunir las cntrapartes para las actividades internas de inversión y la definición de ls límites aplicables a las distintas clases de instruments. Las funcines relacinadas cn la gestión de activs y pasivs englbarían la creación de un mdel de las necesidades de efectiv del FIDA para mejrar las previsines a más larg plaz, la gestión de la liquidez, la planificación de las cntribucines y la estrategia de inversión. Sería necesari explicar claramente a tds ls interesads, utilizand un lenguaje n especializad, las principales estrategias y directrices de plítica para cnservar y aumentar el valr de las inversines. Estructuración rgánica y del persnal La Tesrería debería estudiar la psibilidad de llevar a cab las siguientes actividades: Revisar las categrías asignadas actualmente a cada puest. Definir las cmpetencias técnicas necesarias para cada puest y realizar una evaluación detallada de ls cncimients de cada funcinari. Elabrar un prgrama de capacitación detallad basad en la evaluación de ls cncimients. Examinar las cuestines relacinadas cn la capacidad y la utilización del persnal. Adquisicines La evaluación técnica para la adquisición de tds ls servicis relacinads cn la Tesrería debería cnfiarse a un funcinari que n frme parte del cmité final de aprbación. Además, se debería velar pr que n exista una relación de subrdinación entre ls miembrs que cmpnen el equip de evaluación. Las negciacines cntractuales finales cn ls prveedres seleccinads deberían estar dirigidas cnjuntamente pr la División de Adquisicines y el Cnsejer Jurídic General, cn las aprtacines y el apy de la Tesrería. El FIDA debería estudiar la psibilidad de revisar el códig de cnducta que aplica actualmente, en la esfera de las adquisicines, en cuant a la aceptación de regals de prveedres actuales y ptenciales a fin de reducir en l psible el riesg de tráfic de influencias. En ese sentid, debería hacerse hincapié en aclarar la definición de regal. 4

5 a FONDO INTERNACIONAL DE DESARROLLO AGRÍCOLA RESPUESTA DE LA DIRECCIÓN 6. Ls cnsultres de Madisn han cmprendid bien las prácticas de inversión del FIDA y han señalad cuáles sn las prácticas idóneas en esa esfera. La dirección desearía aprvechar esta prtunidad para manifestar su recncimient a Madisn pr esta aprtación y pr el espíritu cnstructiv que ha caracterizad en td mment su labr. 7. La dirección ha examinad el infrme y, en general, está de acuerd cn las cnsideracines y recmendacines que se recgen en él. La mayría de las cuestines señaladas pr Madisn ya se habían abrdad en infrmes de auditría interns y externs y, cm indicó Madisn, durante 2002 y 2003 se hiciern imprtantes prgress gracias a la adpción de medidas crrectivas, cm el perfeccinamient de las dispsicines de custdia y el nmbramient de un nuev custdi, la armnización del prces de cntratación de inversines cn ls prcess de adquisición del FIDA, la actualización del Manual de Tesrería y la ptimización de ls infrmes sbre ls resultads que la Tesrería transmite al Cmité Asesr en materia de Inversines. Cn la aplicación de las recmendacines de Madisn se intensificarán tdavía más ls esfuerzs del Fnd pr garantizar la eficacia de las peracines de tesrería y la calidad de ls cntrles a ls que están sujetas. Asimism cabe destacar que están en marcha tras iniciativas que cntribuirán a administrar las inversines del Fnd cn eficacia, a saber: a) el Departament de Finanzas y Administración ha realizad un examen de la gestión de activs y pasivs en el Fnd paralel al de ls cnsultres; b) el Prgrama de Cambi Estratégic tiene previst autmatizar e integrar muchs prcess perativs del Fnd, entre trs, la gestión del efectiv y la administración de ls préstams; c) la División de Recurss Humans está a punt de emprender una revisión general de las funcines, la clasificación de puests, la carga de trabaj y las necesidades de recurss de td el persnal; alguns de ests aspects se examinarán en clabración cn la Cmisión de Administración Pública Internacinal de las Nacines Unidas, y d) la División de Sistemas de Infrmación de Gestión acaba de presentar una prpuesta para la cntinuidad de las peracines en la esfera de la tecnlgía de la infrmación, y la Oficina de Auditría Interna está realizand una auditría de las prácticas y ls prcedimients para asegurar la cntinuidad de las actividades dentr de la institución. 8. Gracias a estas iniciativas se intrducirán una serie de mejras de prcedimient y estructura imprtantes y se sentará una base práctica para abrdar cnvenientemente ls prblemas señalads pr Madisn. En aras de la cherencia y pr mtivs práctics, la aplicación de las recmendacines de ls cnsultres tendrá que sincrnizarse cn esas iniciativas. Cncretamente, las recmendacines sbre ls mecanisms de adpción de decisines, la estructuración rgánica y del persnal y la planificación de la cntinuidad se adaptarán según sea necesari a fin de garantizar la cherencia cn las estructuras y ls marcs institucinales que se intrduzcan en el marc de las iniciativas mencinadas. Se prevé que la mayría de las recmendacines se habrán aplicad para juni de 2004, especialmente las relativas a ls cntrles de las peracines. 5

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7 FINAL INVESTMENT SECURITY REVIEW Key Findings 9-Octber-2003 Madisn Cnsulting Grup

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9 TABLE OF CONTENTS INTRODUCTION 1 SUMMARY OF KEY FINDINGS 1 ASSIGNMENT ACTIVITIES 4 FINDINGS/RECOMMENDATIONS 5 I. OPERATIONAL CONTROLS 5 II. DECISION STRUCTURE 13 III. STAFFING / ORGANIZATION DESIGN 18 IV. PROCUREMENT PROCESS 22 V. CONTINUITY PLANNING 25 Madisn Cnsulting Grup

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11 INTRODUCTION Madisn Cnsulting Grup was engaged t assist the Internatinal Fund fr Agricultural Develpment (IFAD) t evaluate the adequacy f the system f internal cntrls in the investment area, including thse pertaining t credit and custdial risks The prject was designed t fcus n: OBJECTIVES OF REVIEW Assess the general cntrl envirnment surrunding the IFAD investment practices. Assess the adequacy f the ethical, plicy, prcedural, and guidance framewrk available t staff in perfrming the assigned tasks, the adequacy f the staffing arrangements and an assessment f the rganizatinal structure and internal assignment f skills and respnsibilities with regard t investment related tasks. Assess the adequacy f the risk management practices and cntrl prcedures in place. With regard t externally managed prtfli cnduct an assessment f recently revised prcess fr the selectin and appintment f prviders f utsurced investment services, the prcess in place fr the assessment f perfrmance f such cntractrs, the cntrls ver the integrity f infrmatin submitted by utsurced managers t IFAD and the cntrls ver csts f utsurced services. With regards t the internally managed prtfli this shuld include an assessment f the cntrls ver the executin f placements and currency cnversins. Assess the adequacy and pertinence f management infrmatin prduced fr the perfrmance f the investment activities. Assess whether pertinent infrmatin is identified, captured and cmmunicated in a frm and timeframe that enables staff t carry ut their respnsibilities in this area The purpse f this dcument is t prvide IFAD with a set f findings and recmmendatins related t review bjectives listed. In additin, Madisn has als ffered related industry practices and nrms. SUMMARY OF KEY FINDINGS IFAD Treasury Office has made recent strides t imprve the internal cntrls and risk management envirnment, thrugh the implementatin f audit recmmendatins, including updating the Treasury Manual, implementatin f KPIs, prcurement changes, etc. In additin, sme recent rganizatinal and persnnel changes have ccurred. It is in this cntext that this study was cnducted. In reviewing the verall cntrl envirnment f the investments area, Madisn categrized ur findings int five categries Operatinal Cntrls, Decisin Structure, Staffing/Organizatin Design, Prcurement, and Cntinuity Planning. The areas f greatest cncern were in Cntinuity Planning and Staffing/Organizatin Design. In the remaining areas, althugh there are sme key pprtunities fr imprvement, the general cntrl envirnment in place functins adequately. The tp five findings and recmmendatins are: 1 Madisn Cnsulting Grup

12 1) Given that IFAD currently des nt have a frmal cntinuity plan, it is recmmended that IFAD as an rganizatin take a frmalized apprach t business cntinuity planning by establishing r appinting a gverning bdy t versee the Business Cntinuity Management prcess. This management steering cmmittee wuld be respnsible fr drafting IFAD s BCM Plicy. The plan will need t cver bth peratinal and technlgical recvery plans. 2) Treasury shuld cnduct a detailed review f staffing level requirements based n adequate backup supprt, and taking int cnsideratin SCP prcess changes. Key staffing risks shuld be identified and addressed, including temprary staff in critical rles and lack f adequate backup supprt. 3) Separatin f the current Investment Advisry Cmmittee in tw, with an Investment Strategy Cmmittee (ISC) fcused n plicy and strategy decisins and an Investment Operating Cmmittee (IOC) fcused n perating decisins. The IOC wuld meet mre frequently and be given the flexibility t make shrtterm decisins based n changing market cnditins, such as asset reallcatin and duratin adjustment decisins within a defined range arund the plicy target. 4) Withut integratin f systems and straight-thrugh prcessing, safeguarding f the spreadsheets currently used fr cntrl and recrdkeeping purpses shuld be enhanced t reduce peratinal risks. 5) Develping a lnger range cash frecasting capability wuld imprve the shrt term investment and liquidity management functins. Other key findings include: Operatinal Cntrls Treasury shuld prvide a mre secure lcatin fr the SWIFT/BCI servers, such as separate lcked rm with card entry system. This wuld permit IFAD t track all staff with access when they enter and leave the SWIFT/BCI server rm. In cnjunctin with a vide mnitring system in the rm, any changes made t the SWIFT/BCI servers can be traced by SWIFT/BCI server rm access ID, rm card access ID, and visual identity verificatin. Full electrnic integratin f the Lans and Grants System with PepleSft shuld be a requirement, given that LGS will nt be replaced by a PepleSft mdule. KPIs fr the Cash Management Sectin activities shuld be develped t assist with the management f the business, similar t the KPIs develped fr the custdian and the external managers. Decisin Structure Centralize within Treasury all credit respnsibilities and frmalize the creatin f asset-liability management respnsibilities. The credit activities wuld include reviewing and making recmmendatins regarding cunterparty eligibility fr internal investment activities and instrument class credit limits. The asset liability functins wuld be respnsible fr mdeling cash flw requirements f IFAD t assist with lnger range cash frecasting, liquidity management, cntributins planning, and investment strategy. Need t clarify fr all cnstituents, by using "nn-investment" language, the cre strategies and guidelines t meet the investment plicies f bth preservatin and grwth 2 Madisn Cnsulting Grup

13 Staffing/Organizatin Design Treasury shuld cnsider perfrming the fllwing exercises: Review the grade levels currently assigned t each psitin. Define the skill requirements fr each psitin and cnduct a detailed skills assessment fr each staff member. Develp a detailed training plan based n the skills assessments. Review staff utilizatin and capacity issues. Prcurement The technical evaluatin fr the purchase fr all Treasury related services shuld be dne by staff that are nt part f the final apprval cmmittee. In additin, cnsideratin shuld be given t ensuring that n staff reprts t anther n the evaluatin team. Final cntract negtiatins with the selected prvider shuld be headed jintly by Prcurement and legal cunsel, with input and supprt frm the Treasury Office. IFAD shuld cnsider reviewing the current cde f cnduct plicy fr prcurement with regard t acceptance f gifts frm current and ptential prviders, t mitigate any ptential risks f perceived influence peddling. Emphasis shuld be placed n clarifying the definitin f gifts. 3 Madisn Cnsulting Grup

14 ASSIGNMENT ACTIVITIES Activities Perfrmed: 1) Reviewed key dcumentatin Treasury Manual Grup f Experts reprt Executive Bard reprts Investment Advisry Cmmittee reprts External Manager RFP External Manager cntract agreements and investment plicy guidelines Internal and External Audit reprts Custdian Bank service level agreement Prcurement Guidelines Terms f Reference f Audit Cmmittee 2) Interviewed key persnnel Investment Sectin Cash Management Sectin Reprting Sectin Cntrller s Office Internal Audit Office Prcurement Sectin Management Infrmatin Systems Human Resurces Madisn Team: 1) Bernard Chen 2) Jyce Yune 4 Madisn Cnsulting Grup

15 FINDINGS/RECOMMENDATIONS I. OPERATIONAL CONTROLS A. Cash Cntrls Current Practice Outging payments handled by payment s area within Cash Management and further separated by different Cashiers that handle dmestic and internatinal payments. Cash receipts and disbursements are predminately handled thrugh SWIFT/BCI Remte Banking systems. SWIFT and BCI Remte Banking servers maintained in segregated area. SWIFT/BCI applicatins are accessed thrugh individual wrkstatins by authrized staff in the Cash Management sectin. Cash Management sectin maintains tw sets f prcedures fr authrizing utging payments. SWIFT/BCI require ne authrized user t prepare financial messages and a secnd authrized user t send the messages with n set limits n transactin amunts. Internal cash cntrl prcedures require that the accmpanying payment dcumentatin be apprved (via signature) by tw Treasury Officers fr any payment ver $100,000. All transactins are recnciled daily by bank accunt against SWIFT/BCI. Cash receipts and cash transfers amng IFAD cntributin and peratinal bank accunts are handled by a different Cashier. Lans and grants recrdkeeping is nt a mdule within PepleSft and therefre is maintained n a separate system (LGS). Psting t the LGS and PepleSft G/L is currently dne in tw parts by FT (manually) and FC (via a file uplad). Industry Practices Traditinally, mst crprate treasury grups have a prprietary treasury wrkstatin prvided by their bank, which allws fr terminal initiatin f wire transfers and terminal ntificatin f inbund transfers. Recently, crpratins were given permissin t be a member f SWIFT. At this pint, direct SWIFT access is cnsidered industry best practice since it permits single pint f entry fr all mney transfer activities. Restricted access t the treasury wrkstatin r SWIFT/BCI servers is a critical cmpnent t security, including physical access t the servers. Bth crprate treasury grups and bank funds transfer peratins are subject t frequent regular audits f funds transfer perating prcedures, given the financial sensitivity f these activities. Madisn Recmmendatins IFAD is rather unique in that it has its wn dedicated SWIFT server. This gives IFAD the ability t send and receive authenticated instructins directly t any bank (central 5 Madisn Cnsulting Grup

16 and cmmercial) frm a single surce. Mst crprate treasury grups currently d nt have this capability. We fund the verall cntrls surrunding payment executin and authrizatin t be apprpriate; hwever, we wuld recmmend that Treasury prvide a mre secure lcatin fr the SWIFT/BCI servers a separate lcked rm with card entry system wuld be the mst apprpriate. A card entry system is superir t a key system because it will allw IFAD t identify and track all staff wh have access t the SWIFT/BCI rm. In additin, a vide mnitring system shuld als be installed. While there is adequate and apprpriate segregatin f duty within the Cash Management sectin, IFAD is expsed t additinal risk by having a small cash grup. Strictly frm a cntrl perspective, we suggest a persn(s) utside f the Cash Management sectin receive a cpy f (r have access t) the daily clsing dcuments recnciling transactin items against SWIFT/BCI such as the Treasurer r the Cntrller. Currently there is n integratin amng PepleSft, LGS and SWIFT/BCI which necessitates the use f ffline spreadsheets and manual recnciliatin prcesses. Of particular cncern is the ptential fr data crruptibility, which if gne undetected will cause users t save and backup the crrupt files. On a shrt term basis, we recmmend that if spreadsheets are used fr bth cntrl and recrdkeeping purpses, that management lk t enhance systems/measures t safeguard the integrity f the data and develp the capability t recreate any lst infrmatin, manually r therwise. A primary cmpnent f IFAD s business is the disbursement and management f lans and grants and as such, the Lans and Grants System (LGS) represents a key applicatin which shuld be fully integrated int the PepleSft system. The file extract, review and uplad prcess used by the Cntrller's ffice is nt a true interface in that it is perfrmed in an uncntrlled envirnment - i.e. the file can be manipulated prir t uplading. We recmmend develping an interface between LGS and PepleSft t autmate bth Treasury and Cntrller activities and create a cntrlled applicatin envirnment. Finally, we recmmend that Treasury cnsider develping and implementing nnperfrmance return related KPIs fr its internal cash cntrl peratins t track such things as cunterparty investment distributins, transactin vlumes and failed payment instructins. Madisn wuld als recmmend publishing a summary f these KPIs t the IOC fr review. B. Liquidity Management Current Practice Cash Management area als handles the fund s shrt-term investments and perfrms shrt-term cash frecasting t ensure the availability f liquid funds. Frecasting perid is shrt - averaging 2 weeks. Shrt-term frecasting is dne thrugh the use f ffline excel spreadsheets, the cash bks, which track receipts and payments. Investments cnsist f shrt term time depsits. Banks are selected based n best interest rate ffered frm 3 quting banks. The list f eligible banks fr time depsits and cunterparts fr FX transactin are reviewed by IAC n an annual basis. 6 Madisn Cnsulting Grup

17 Replenishment prcedures are triggered when cash perating balances dip belw a specified level. Fr currency transactins authrized by SDR requirements r perating cash replenishment needs, the prcess used is similar t that used fr time depsit selectin (qutes frm 3 banks). Industry Practices Traditinal cash frecasting techniques fllw three brad methdlgies: Receipts and disbursements apprach is the mst cmmn and requires detailed knwledge f all cash inflws and utflws. Statistical techniques (time series methds and regressin mdels) are mre cmplex but very accurate. Balance sheet apprach is based n the fundamental accunting principal assets = liabilities + sharehlders equity. Typical frecasting perid varies based n the needs f the cmpany and the frecasting methd used. All frecasting methds rely n histrical data as key input, require high-quality raw data, and demand a rigrus prcess f review and assessment thrugh frecast t actual cmparisns. Shrt term investment decisins are typically determined by lnger range frecasts and flexibility prvided by eligibility f shrt term instrument classes. Madisn Recmmendatins The prcess f investing in time depsits and in currency transactins is prperly cntrlled, but the eligibility f banks shuld be mre practively managed. (see under Decisin Structure Delegatin f Authrity suggestin n centralizatin f Credit respnsibilities Madisn believes that Treasury wuld benefit frm being able t perfrm lnger term frecasting. This wuld reduce pling cash and increase shrt term investments and at the same time may als prvide Treasury the pprtunity (depending n frecasting perid) t cnsider investing in wider range f shrt term maturities, and even pssibly instruments ther than time depsits. We wuld recmmend Treasury use the receipts and disbursements apprach t cash frecasting. This wuld invlve cnstructing a timeline depicting knwn and estimated cash inflws and utflws. This frecasting apprach will allw Treasury t prject cash balances n a daily basis which will aid the liquidity management prcess. Ultimately, the gal f frecasting is t prvide Treasury with the ability t make better financial decisins with regard t the timing f debt/investments maturities, cash transfers and ther cash related activities. (see under Decisin Structure Delegatin f Authrity suggestin n creatin f Asset-Liability Management respnsibilities) As part f the functin f the cash management area, we recmmend develping and implementing KPIs fr the internal investment prtfli t track such things as number and amunt f investments per bank and interest rates qutes. These might be useful in assessing the attractiveness f eligible banks and assist in the prcess f chsing which banks t request rate qutes. Madisn wuld als recmmend publishing a summary f these KPIs t the IOC fr review. 7 Madisn Cnsulting Grup

18 C. External Manager Mnitring Current Practice Investment Sectin head mnitrs the verall external manager relatinship: Tracks key indicatrs f health f relatinship. Tracks qualitative indicatrs and IFAD staff feedback n manager service quality. Mnitrs investment team turnver, althugh infrmatin is generally nt frthcming directly frm managers. Reviews perfrmance and risk indicatrs fr underperfrmance, risk levels, etc. Mnitrs quarterly best executin reprts n equities managers [Under discussin with new Custdian]. Des nt currently review internal audit practices f external managers. Des nt currently track firm survival risk f managers given that IFAD has a bias tward hiring larger investment firms. Escalates key cncerns t the Treasurer fr review and pssible presentatin t the IAC. Peridically reviews with external managers verall relatinship health and any key cncerns. Prvides input during cntract and fee negtiatins, including insurance agreements, parent guarantees, and mst favred natin clause. Reprting Sectin cmpiles, analyzes, and publishes perfrmance return and risk related Key Perfrmance Indicatrs fr external managers t the IAC and t the Executive Bard 1. Investment Sectin staff respnsible fr versight f nging perating activities f external managers. On a mnthly basis, review and validate manager fee invices submitted fr payment. Submit fr signature by head f Investment Sectin and Treasurer (r Assistant President) t authrize fr payment. On a mnthly basis, review and validate cmmissin recapture rebates frm equity trades. Fr cmpliance tracking: Tests are set up by Investment Sectin staff based n mandate guidelines using the Custdian s nline system (Passprt). On a daily basis, review and track any identified vilatins and wrk with managers t reslve. All vilatins are dcumented and reprted t Investment Sectin head. Industry Practices Typically, perfrmance returns and risk indicatrs are the critical perfrmance indicatrs tracked fr each external manager. Additinal KPIs that are generally mnitred include guideline vilatins, fund manager turnver, best executin cntrls fr equities, and peratinal cntrls 1 Executive Bard receives summary level perfrmance return and risk related KPIs. 8 Madisn Cnsulting Grup

19 certificatin. Sme f these are included in the cntract agreement as ntificatin r certificatin requirements. Madisn Recmmendatins Current prcess is relatively cmprehensive and indicates gd vigilance in tracking external managers. Nevertheless, there are sme specific areas f pssible imprvement: With regard t tracking the verall relatinship health by the Investment Sectin head, there is very little by way f prcedural dcumentatin f what activities shuld be perfrmed. There is dcumentatin n the KPIs chsen, but nthing regarding any ther indicatrs currently tracked, r red flag types f issues. Althugh the tracking f many f these indicatrs are relatively subjective, sme frm f prcedural dcumentatin wuld be apprpriate, especially t define what dcumentatin recrds shuld be maintained fr tracking each manager relatinship. Fr nn-perfrmance return and risk related KPIs such as guidelines vilatins, it shuld be made clear and dcumented that the Investment Sectin is respnsible fr cmpiling the KPIs fr each external manager, and what are the data surces t be used. In additin, Madisn wuld recmmend publishing a summary f these KPIs and sme cmmentary frm the Investment Sectin t the IOC fr review. If it is nt included in the current cntract agreements, the managers shuld ffer sme frm f signed assurance r certificatin attesting t their audit practices and peratinal risk cntrls. In the future, if IFAD wuld cnsider cntracting a butique investment manager, then a clause in the cntract agreement shuld permit IFAD t review the financial health f the firm. [This culd be included in all cntracts, and just nt exercised with larger firms.] The cmpliance tests set up by the Investment Sectin staff shuld be verified by a clleague prir t ging live, t ensure that incrrectly defined cmpliance tests are nt being used t mnitr a manager. Investment Sectin head has indicated an interest in invlving his staff in the higher level manager tracking functins and in the relatinship management activities, but staffing cnstraints have made this nt pssible. Madisn wuld like t see a staffing review that wuld determine the staffing levels and skills required t allw this t be implemented. This wuld ensure backup fr all activities perfrmed by the Investment Sectin head. Similarly, a resurce requirements review wuld als determine the staffing levels required t ensure adequate backup fr all the activities perfrmed by the Investment Sectin staff. Fr practical, nt cntrl risk, reasns, IFAD shuld cnsider mving the verificatin f manager fees and cmmissin recapture rebates t the Cntrllers Office, since the verificatin prcess fr manager fees is already being duplicated by the Cntrllers Office befre release fr payment. Authrizatin must still be perfrmed by bth Treasury and Cntrllers Offices prir t payment, but the verificatin need nly be perfrmed nce. With cmmissin recapture rebates, the Investment Sectin shuld be respnsible fr review and analysis f directed trade requirements f the equity managers. 9 Madisn Cnsulting Grup

20 D. Custdy Mnitring Current Practice On a mnthly basis, Investment Sectin staff versee recnciliatin f asset statements between custdian and managers. On a mnthly basis, Investment Sectin staff review and validate custdy fee invices submitted fr payment. Submits fr signature by head f Investment Sectin and Treasurer (r Assistant President) t authrize fr payment. On a mnthly basis, Investment Sectin staff review and validate the securities lending incme due IFAD. Investment Sectin tracks Key Perfrmance Indicatrs (KPIs) based n the custdian Service Level Agreement (SLA), which are currently nt reprted t the IAC but are planned fr the future. The Investment Sectin head prvides significant input int the Custdian cntract, including the SLA, and assists during cntract negtiatins. Industry Practices Investment data integrity is typically perfrmed by cmparing investment manager investment reprts with custdial reprts. This activity ensures synchrnizatin and accuracy f data between the tw parties. Industry practice is t define Key Perfrmance Indicatrs (KPIs) using the service level agreement (SLA) as a guide, and mnitr the perfrmance f the custdian. In many cases, the KPIs are dcumented as part f the SLA with the custdian. Peridic reviews with the custdian are used t discuss areas f cncern and define crrective actin steps. Madisn Recmmendatins IFAD s current custdial cntract requires mnthly recnciliatin between the managers and the custdian befre reprts can be released. This brilliant piece f cntractual design guarantees timely cmpletin f this activity and transfers the peratinal burden away frm IFAD staff. It als ffers assurance t IFAD that the investment reprts received are accurate. Oversight respnsibility fr the recnciliatin between the custdian and the managers shuld still reside within the Investment Sectin, but they must ensure that the cntractual requirements in terms f tlerance and time frames are being met each mnth. These statistics shuld be added t the custdian KPIs. Other IFAD areas that receive these reprts shuld be ntified when issues arise during the recnciliatin prcess. Current prcess is relatively cmprehensive and indicates gd vigilance in tracking the custdian relatinship. The ne issue identified is that it shuld be made clear and dcumented what custdian KPIs shuld be tracked by the Investment Sectin, and what are the data surces t be used. In additin, Madisn wuld recmmend publishing a summary f these KPIs and sme cmmentary frm the Investment Sectin t the IOC fr review. Fr practical, nt cntrl risk, reasns, IFAD shuld cnsider mving the verificatin f custdy fees and verificatin f securities lending incme t the Cntrllers Office, since the verificatin prcess fr custdy fees is already being duplicated by the Cntrllers Office befre release fr payment. Authrizatin must still be perfrmed 10 Madisn Cnsulting Grup

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