Regulating (From) the Inside: The Legal Framework for Internal Controls in Banks and Financial Institutions

Author: Iris H-Y Chiu
Publisher: Hart Publishing
ISBN: 9781849465250

Published In: October 2015
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only
Paperback Edition ISBN: 9781509920099

List Price: HKD 1,300.00

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Description
Contents

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This book examines a key aspect of the post-financial crisis reform package in the EU and UK – the ratcheting up of internal control in banks and financial institutions.

The legal framework for internal controls is an important part of prudential regulation, and internal control also constitutes a form of internal gate-keeping for financial firms so that compliance with laws and regulations can be secured.

This book argues that the legal framework for internal control, which is a form of meta-regulation, is susceptible to weaknesses, and such weaknesses are critically examined by adopting an interdisciplinary approach. The book discusses whether post-crisis reforms adequately address the weaknesses in regulating internal control and proposes an alternative strategy to enhance the ‘governance’ effectiveness of internal control.

Part I: The Elements of Internal Control in Banks and Financial Institutions

1. The Role of Internal Control in the Meta-Regulation of Financial Institutions

2. The Role of Compliance

3. The Role of Risk Management

4. The Role of Internal Audit

5. The Contextual Frameworks of Corporate Governance

Part II: Making Internal Control Effective in Banks and Financial Institutions

6. Regulating Aspects of Corporate Governance and Organisational Culture as a Broader Framework for Internal Control

7. Incentive-Based Approaches to Improve Internal Control Efficacy: Enforcement and Whistle-Blowing

8. The Need for Enhanced Professionalism for Internal Control Functions

9. Concluding Remarks