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Applying Internal Control to Our Institution’s Limits System

In: Implementing and Auditing the Internal Control System

Author

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  • Dimitris N. Chorafas

Abstract

In my postgraduate studies at UCLA I had a professor of banking who taught his students that ‘no matter how good a new deal is, if the counterparty limit has been reached no further deals are possible’. This is not the message the majority of credit institutions give to their traders and credit managers, and even those who want to see limits set by the board fully observed at all time are unable to hit that goal so because: The prevailing level of detail is not appropriate and There is no real-time reporting on internal controls, including limits.

Suggested Citation

  • Dimitris N. Chorafas, 2001. "Applying Internal Control to Our Institution’s Limits System," Palgrave Macmillan Books, in: Implementing and Auditing the Internal Control System, chapter 9, pages 213-234, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59786-0_9
    DOI: 10.1057/9780230597860_9
    as

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