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Full Description
In the wake of numerous global banking scandals and regulatory failures, governments and banking regulators around the world have introduced stringent internal control laws within their financial institutions to safeguard against fraud, financial misreporting, and systemic failures. Effective Internal Control Practices in Banks: A Practitioner's Aid offers a comprehensive exploration of best practices in designing and implementing robust internal control environments in banks and public companies.
Author Sophia Beckett Velez delves into the essential components of internal controls—control environment, risk assessment, control activities, information and communication, and monitoring—offering strategies to mitigate risks and prevent breaches. This valuable work offers an original contribution to the study of internal controls in banking, providing useful insights for undergraduates, master's, and Ph.D. students, as well as academics, researchers, and banking professionals.
Contents
Part 1. Lack of Effective Internal Controls in Banks and Significant Financial Institutions (SIFIs)
Chapter 1. Banks and SIFIs failure to implement Effective Internal Controls
Chapter 2. Significant Losses Incurred by Large Banks and SIFIs due to Internal Control Weaknesses
Chapter 3. Global Economic Impact due to Weak Controls in Banking and Financial Services
Chapter 4. Sarbanes Oxley 2002 (SOX) and Control Environment
Part 2. Government SOX Regulations of Banks and SIFIs Control Environment
Chapter 5. Importance of Effective Internal Control to Company's Control Environment
Chapter 6. Challenges to the Effective Implementation of SOX Requirements
Chapter 7. Regulators, Auditors, and Process Owners Failures in SOX Certification Process
Chapter 8. Internal Control Framework (Preventive, Detective, Monitoring, Automated) Design
Part 3. Bank Leadership Consensus on Designing Effective Control Environment
Chapter 9. Systems and the Automated Control Environment
Chapter 10. Risk Identification and Communication
Chapter 11. Timely Reporting and Escalation
Chapter 12. Internal Control Effective Practices
