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)