Article (9) Progress Status Monitoring
Effective from 3/4/2025The SCF may consider the following procedures in the progress status monitoring, including but not limited to:
| a. | Monitoring progress updates provided by the relevant parties regarding how the findings are addressed and whether the action plan has been implemented. |
| b. | All responses should be supported with adequate evidence. The evidence should be kept for audit purposes. |
| c. | All responses received from the respective parties should be read in the context of existing evidence related to the highlighted issue. |
| d. | The Status Tracker should be updated based on the results of the monitoring. |
| e. | An update on the outstanding issues to be provided to the ISSC and risk management committee (or equivalent committee) in each meeting, and if needed, to the CEO of the IFI on a monthly basis for onward escalation in the relevant meetings. The update should be provided in a suitable format such as a dashboard that includes timeline analysis and is suitable for, and understandable by, each respective committee. |
| f. | Each party responsible for an action plan should seek approval from the ISSC, via SCF, for any extension to close the outstanding issue. |