This assignment entails you to write out a reporting governance procedure for a case study.

I was assigned a case study involving a credit union that recently transitioned into a fully functioning bank. During this transition, the project manager (PM) forgot to assess the bank reports that were given to him during a job analytical procedure. Utilizing the bank report assessment criteria, write out a procedure describing the initial steps used in assessing all of the bank reports. What specific reporting controls should be determined? What standards and regulations need to be documented or identified?

Starting notes on the topic are attached below. Please add to:

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I was assigned a case study involving a credit union that recently transitioned into a fullyfunctioning bank. During this transition, the project manager (PM) forgot to assess the bankreports that were given to him during a job analytical procedure. Utilizing the bank reportassessment criteria, write out a procedure describing the initial steps used in assessing all of thebank reports. What specific reporting controls should be determined? What standards andregulations need to be documented or identified?Starting notes on the topic are attached below. Please add to:Out of all the compiled bank reports, we will first determine whether the report is standard(meaning operational or daily) or critical (meaning decisions are made off of it consistently).After this analysis, we will only review the critical reports and rank them between risk 1 (low) to5 (severe).Lastly, we will take the risk 3 (medium) to 5 (severe) reports and dub them as either bank ITassets or non-bank IT assets.As a further note, we will also be taking these risk 3 (medium) to 5 (severe) reports and agreeing(or reviewing) proper reporting controls to ensure documentation from and auditing perspective,as well as appropriate coverage. Being that this report has already been categorized as a mediumto high risk, define the risks and relate it to the proper control.Risks can include:– Defects– Manual Interventions– Rework– Duplication– IT costs