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 controlscontrol environment, risk assessment, control activities, information and communication, and monitoringoffering 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, masters, and Ph.D. students, as well as academics, researchers, and banking professionals.
This valuable work offers an original contribution to the study of internal controls in banking, providing useful insights for undergraduates, masters, and Ph.D. students, as well as academics, researchers, and banking professionals.
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
Sophia Beckett Velez, PhD, is a researcher, author, and founder of Idiosyncratic Viral Loss Theory. She holds a Ph.D. in Management from Walden University and an MBA in Finance from Fordham University USA and was a Fulbright Scholar 2019-2020. She worked for over 16 years as a Certified Public Accountant (CPA), and has worked with large banks providing consulting services to address regulatory compliance problems, magnified subsequent to the 2008 recession. Sophia is the author of three previous books: Compliance and Financial Crime Risk in Banks: A Practitioners Guide (2024), Operational Risk Management in Banks and Idiosyncratic Loss Theory: A Leadership Perspective (2022), and Banking and Effective Capital Regulation in Practice: A Leadership Perspective (2020).
