Mar 19, 2018

Barclays audit body says compliance still falls short

Barclays' board has declared there is still more work to do to improve controls and compliance at the British bank, while calling on senior managers to try harder to hold individuals to account when they fall short. The Barclays audit committee "Observed that the issues arising from unsatisfactory audits indicated that there was still work to do in embedding the required level of control consciousness across the group and ensuring that control exceptions were highlighted clearly in management reporting", the bank said in its annual report last month. A Barclays spokesman said the audit committee was merely doing its job by scrutinising the bank's internal controls and it was not particularly concerned about the area. The Bank of England's Prudential Regulation Authority has called on Barclays to improve its internal audit function, focusing on "Its independence and impact, quality and weight of resources and productivity and methodology". The Barclays audit committee reviewed several "Material control issues and associated remediation plans" last year, including "Model risk, resilience, cyber, compliance, technology, credit risk transaction operations and data management".

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