Responsibility related question


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Hi,

I hope some of you guys can help me out.

I work for a bank and I'm supposed to document some guidelines for controls for rolling out new products in a fast changing environment.

I'm covering perspectives from Software Developers, from Business users and now I wanted to gauge the responsibility of the Finance department of products rolled out.

The finance department is primarily in charge of financial reporting such as to regulatory authorities and to senior management on things like Profit/Income.

In the banking environment we have products rolled out that have complex formulas for interest accruals. When new products are rolled out, who should be responsible for this calculation

1) When the new product system is in testing? Who needs to identify the bugs? Software Developers, Operational business users (customer facing and backend processing), or Finance Department?

2) When The system has been rolled out? Who should have picked up any anomalies in the performance of the new product?

3) When 1 & 2 failed to pick up a bug and its discovered in a disaster stage? Who takes the fall and who gives direction to fix things?

Can you guys give your input if the Finance department holds any responsibility and where all? And if there are any governing documents, best practices that I can refer to about financial controls responsibilities in these situations?

I'm sorry if I've posted this in the wrong place.
 
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kirby

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When new products are rolled out someone in your bank requested the new product and they should be responsible for the interest calc.
In testing the software folks should be coding to written specs and they need to test to prove they met those specs. Then the user who wrote the specs should also test.
If there is a bug then the final reviewer is responsible. The spec writer should direct the fix
It is smart to have the spec writer ask finance to review the interest calc specs prior to submission to the coders. This is usually done post mortem, unfortunately.
To get best practices you' d have to ask another bank to share this info and I doubt they would do so.

By the way what products are involved. Loans.? Derivatives? Deposits?
 

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