Dual Control
Dual control prevents errors and protects staff from scrutiny in disputes or out of balances, protects the credit union from theft/loss and protects the credit union’s reputation.
If i know ALL internal controls and how to complete them, am i risk free?
NO!! You can become complacent and completely forget proper procedure
Name 3 examples of Chain of Custody?
keys
combos
cash
Instant Issue cards
Name 3 examples of how we maintain internal controls
Dual Control
Policy & Procedures
Audits
Account access Controls (OVs)
Separation of duties
Name 3 Examples of Dual Control
Key box
Vault opening/closing
Nightdrop
If Isaiah is completing the ATM while running the cash he noticed Joi is on her phone, What is this called and what should he do?
This is Dual Presence and Isaiah should mention to Joi that they are in Dual Control and she needs to be involved in the process.
Why is chain of Custody Important?
The protection of our staff from scrutiny in disputes or out of balances, protects the credit union from theft/loss and protects the credit union’s reputation
Quality Control
Reports and GL reviews
Branch leaders conduct quarterly audits
Internal auditors
What is Dual Control?
Dual control is the practice of requiring the presence of two authorized employees to gain access to certain designated items
Keanna goes in the vault during a very busy Friday and pulls $2,000 in 20s out and asks you to sign the memo pad without verifying the money. What do you do?
TRUST BUT VERIFYYYYYYYYYYYYYY
What is Chain of Custody?
Chain of custody is the paper trail that records which 2 employees took control of an item. These individuals are responsible for the items until they are secured again.
James and Judy have opposite combos to the dual control box, they enter the dual control box to obtain the night drop key and record the entry on the log. After they finish the night drop posting, a member comes in that wants to see Judy. Judy gives the night drop key to James. James gets another employee with the opposite combo to help him put the night drop key back in the dual control box.
Is this acceptable?
No, Judy took equal responsibility for the key when she checked it out. Her first break of control is giving the key to James who now has everything he needs to enter the night drop on his own. Her second break of controls is she now has no knowledge as to whether or not that key did get placed back in the dual control box. Now she and James are both equally responsible if there is a night drop dispute.