Number Of Large Banks That Meet OCC’s Auditing Requirements: ZERO

January 16, 2013 10:55 am

‘Banks are big spenders on IT’ we hear this all the time. So we were very surprised when we spotted this stat, that none of the 19 largest banks in the US meet the OCC’s requirements for internal auditing, risk management or succession planning. (Source)

“The Office of the Comptroller of the Currency recently graded the 19 largest national banks on five factors designed to gauge how well they are being run.

The results are startling.

Not a single bank met the OCC’s requirements for internal auditing, risk management or succession planning. Only two of the 19 banks met the regulator’s requirements for defining the company’s appetite for risk-taking and communicating it across the company. Only two banks were judged to have boards of directors willing to stand up to their CEOs…” Source

How do we digest this stat? We can try this: Banks Make One-Third of Total Corporate Profits and, the most profitable bank in the world just became more profitable

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