Internal Controls and Humans in the Loop: Lessons from Citigroup’s $126 Million Mistake

Compliance Podcast Network – The Citigroup internal control debacle in compliance and ethics is a glaring reminder of the critical importance of robust, well-designed, functioning, and effective internal controls.

The U.K. Financial Conduct Authority fined Citigroup £27.7 million, and the Bank of England’s Prudential Regulation Authority fined Citigroup £33.9 million, and Citigroup’s own internal losses costs added to a total loss of some $126 million. Citigroup’s mistakes underscore the perils of inadequate internal controls and provide many lessons for compliance professionals.

Source:

• Compliance Podcast Network: Internal Controls and Humans in the Loop: Lessons from Citigroup’s $126 Million Mistake