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b. Identify Process-level Risks and Relevant Controls
Impact
Accounts affected Control Reason if
Process Risks Statement Design
Existing Controls inadequate
(including Risk to PAPs Assessment
assertions)
Loans may be granted to Mortgage Contract Unqualified Review details of the adequate n/a
fictitious or unqualified member- Receivable – borrowers may be membership status by
Existence and granted housing the Senior Mortgage
borrower
Regularity loans that may Loans Specialists.
deplete the funds of
Provision for
projects for the
Impairment –
legitimate
Valuation
beneficiaries
Interest Income -
Occurrence
Housing loans may be granted to Provision for Increase in Review of the Credit adequate n/a
member-borrower with no Impairment – uncollected Investigation Report
Valuation Mortgage Contract by the Chief of the
capacity to pay
Receivable Credit Investigation
Division
Low Collection
efficiency
The amount of loan granted to None - for the Increase of acquired Review and approval n/a
adequate
the member-borrower may be period under audit. assets that may be of the Confirmation of
difficult to dispose in Appraisal by the Chief
more than the appraised value of
case of default by of the Credit Appraisal
the property being mortgaged. the borrower. and Property Valuation
Division.
The Notice of Loan Approval may Mortgage Contract Increase in Review and approval Adequate n/a
not be supported by: Receivable - uncollected of the Notice of Loan
Accuracy Mortgage Contract Approval (NOA) by the
Duly certified Credit Receivable Manager of the Loans
Interest Income –
Investigation Report Evaluation Dept.
Accuracy
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Impact
Accounts affected Control Reason if
Process Risks Statement Design
Existing Controls inadequate
(including Risk to PAPs Assessment
assertions)
Duly approved
Confirmation of Appraisal
and PVIR
Duly approved Loan
Evaluation Sheet
The amount of housing loans Mortgage Contract 1. The Request for n/a
Increase in Adequate
released to member- borrower Receivable - Payment (RFP) is
uncollected
Accuracy reviewed by the Chief
may not be equal to the amount Mortgage Contract
of the Loans
as per the Notice of Loan Interest Income – Receivable
Evaluation Division.
Approval. Accuracy
Low collection 2. The Vice President
efficiency of the Housing Loan
Sector reviews and
signs the RFP.
c. Summary
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