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Also considers security design, restructuring, bankruptcy, corporate control and governance, and international finance issues.
An independent review by PricewaterhouseCoopers will investigate what went wrong in the project management, control and governance.
"These findings come on top of a review by the Education Funding Agency which identified serious concerns about financial management, control and governance.
And with consistent control and governance policies applied, the security of the overall system — not just the individual instance — will be improved.
The EFA's call for urgent action triggered an official notice from the DfE, which detailed "serious concerns about financial management, control and governance" at the trust.
"These failings include issues of institutional control and governance structure at the highest levels, as well as shortcomings in leadership at the team level," the panel said.
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First, institutions should ensure that the third party itself has the appropriate risk controls and governance in place.
On Monday, the board approved a "Consolidated Transformation Plan for the organisation to improve its risk management, fiduciary controls and governance".
Rob Varley stepped down from his role as chief executive last Thursday after an investigation identified mismanagement relating to spending controls and governance, according to a Whitehall source.
Unlike a settlement last month with the Securities and Exchange Commission, which largely took aim at porous controls and governance practices at the bank, the pact with the Commodity Futures Trading Commission zeros in on the bank's actual trading practices.
The report will include "analysis of the causes of RBS's failure, a summary of the findings of the FSA investigation into matters relating to RBS's decisions, risk controls and governance processes, and an assessment of the FSA's regulation and supervision of RBS, identifying any deficiencies and actions taken by the FSA subsequently".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com