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Establish, implement, and maintain a product inventory.


CONTROL ID
08955
CONTROL TYPE
Establish/Maintain Documentation
CLASSIFICATION
Preventive

SUPPORTING AND SUPPORTED CONTROLS




This Control directly supports the implied Control(s):
  • Third Party and supply chain oversight, CC ID: 08807

This Control has the following implementation support Control(s):
  • Include the name or logo of the organization on products for sale., CC ID: 08956
  • Include the production year on products for sale., CC ID: 08957
  • Include a unique reference identifier on products for sale., CC ID: 08958


SELECTED AUTHORITY DOCUMENTS COMPLIED WITH




  • Bullion banks should create an inventory list of all the gold it holds and include when it was received and from whom. (Supplement on Gold Step 1: § II.D.1, OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, Second Edition)
  • Bullion banks should maintain a record of the information imprinted on the gold and the transaction number of when the downstream company takes physical delivery of the gold. (Supplement on Gold Step 1: § II.D.3, OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, Second Edition)
  • Determine whether management has established inventory systems that include quality control activities such as self-monitoring for data accuracy. (App A Tier 1 Objectives and Procedures Objective 6:5, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)