Five Questions That Directors Should Ask About Internal Audit
Naomi Snyder, editor-in-chief at Bank Director
The JPMorgan Chase & Co.’s London Whale scandal illustrated how a small player inside an institution could wreak serious havoc when proper internal controls are not in place. Essentially, one trader managed to cause a $6 billion loss without anyone inside the bank stopping it. Following the financial crisis and scandals at places such as JPMorgan, regulators have emphasized the role of internal audit, especially as it relates to risk management. With the spotlight on internal audit, Bank Director magazine sought help from two veteran audit committee members, Ingrid Stafford at the $17-billion asset Wintrust Financial Corp. near Chicago, and...
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Editor-in-Chief Naomi Snyder is in charge of the editorial coverage at Bank Director. She oversees the magazine and the editorial team’s efforts on the Bank Director website, newsletter and special projects. She has more than two decades of experience in business journalism and spent 15 years as a newspaper reporter. She has a master’s degree in journalism from the University of Illinois and a bachelor’s degree from the University of Michigan. You can contact Naomi at firstname.lastname@example.org.