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A new payment system between a bank and a subsidiary is about to be deployed into production. During the final review, what is the first thing an IT auditor should validate?
Security configurations are in place to separate subsidiary trades.
Parent bank is authorized to serve as a service provider.
Subsidiary can join as a co-owner of this payment system.
Network environment between the two companies are interoperable.
Even between parent and subsidiary companies, contractual agreement(s) should be in place to conduct shared services. This is particularly important in highly regulated organizations such as banking. Unless granted to serve as a service provider, it may not be legal for the bank to extend business to the subsidiary companies. Technical aspects should always be considered; however, this can be initiated after confirming that the parent bank can serve as a service provider. Security aspects are another important factor; however, this should be considered after confirming that the parent bank can serve as a service provider. The ownership of the payment system is not as important as the legal authorization to operate the system.
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