Read Richard Chambers' Latest Blog
Internal Audit's Role in the Too-big-to-fail Debate
In his blog, IIA President and CEO Richard Chambers, CIA, QIAL, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession. Here's an excerpt from his latest post:
Last year, the nation's 11 largest banks had their "living wills" rejected as inadequate, so there is indeed tremendous regulatory pressure for them to provide what regulators are looking for by the July 1 deadline. Essentially federal regulators are demanding "credible" plans that demonstrate how these banks can fail in an orderly manner without disrupting the U.S. financial system or relying on government support.
These challenges should place any affected organization's internal audit function squarely in the midst of the matter. The Fed and the FDIC have commented on the inadequacy on the previously proposed plans, and these financial institutions would be remiss not to task internal audit with assessing what will be reported.
Read the full InternalAuditor.org blog post from IIA President and CEO Richard Chambers.