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By Alexander BECKER, Senior Consultant chez Avantage Reply
Pushed by the ECB, financial institutions have devoted extra resources and time to the implementation and enhancement of their Internal Control Frameworks (ICF) considering regulatory requirements and efficiency gains. The focus on internal controls is a natural subject in the financial industry, due to the complex regulatory environment and technology and data-driven business models and, as a result, increased inherent operational risk including data protection and integrity. Despite substantial efforts to strengthen the Internal Controls Framework, many banks still lack controls discipline and an appropriate organisational governance.
This has recently proven to be true once again, when the...
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