The Banking Executive Magazine - March 2023 Issue

COSO ISSUE 171 MARCH 2023 the BANKING EXECUTIVE 39 ing to the Board, External Auditors' Expectations, COSO - Reflecting on What Banks Have Done So Far, Au- tomation, COSO Scoping, COSO Scoping - Special Considerations, Roles & Responsibilities, and The Documentation Challenge. During the workshop, participants had the opportunity to share their ex- periences and learn from each other. The presenters emphasized the im- portance of a comprehensive risk management system that includes in- ternal controls, policies, and proce- dures to mitigate risks effectively. They also highlighted the need to in- tegrate technology and automation in the internal control system to im- prove efficiency and accuracy. The workshop also emphasized the