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

by Iris H-Y Chiu

Overview

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.

Product Details

ISBN-13:	9781509901395
Publisher:	Bloomsbury Publishing
Publication date:	11/05/2015
Sold by:	Barnes & Noble
Format:	eBook
Pages:	240
File size:	2 MB

About the Author

Iris H-Y Chiu is a Reader in Law at University College London.
Iris H-Y Chiu is Professor of Corporate Law and Financial Regulation at University College London, UK.

Table of Contents

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

Editorial Reviews

"Regulating (From) the Inside is an excellent handbook for internal control professionals seeking better understanding of their roles and responsibilities, and also for regulators and financial firm managers trying to improve relations with firms' internal control professionals." --Banking and Finance Law Review

From the Publisher