In the wake of numerous global banking scandals and regulatory failures, governments and banking regulators around the world have introduced stringent internal control laws within their financial institutions to safeguard against fraud, financial misreporting, and systemic failures. Effective Internal Control Practices in Banks: A Practitioner's Aid offers a comprehensive exploration of best practices in designing and implementing robust internal control environments in banks and public companies.

Author Sophia Beckett Velez delves into the essential components of internal controls—control environment, risk assessment, control activities, information and communication, and monitoring—offering strategies to mitigate risks and prevent breaches. This valuable work offers an original contribution to the study of internal controls in banking, providing useful insights for undergraduates, master’s, and Ph.D. students, as well as academics, researchers, and banking professionals.

Sophia Beckett Velez, PhD, is a researcher, author, and founder of Idiosyncratic Viral Loss Theory. She holds a Ph.D. in Management from Walden University and an MBA in Finance from Fordham University USA and was a Fulbright Scholar 2019-2020. She worked for over 16 years as a Certified Public Accountant (CPA), and has worked with large banks providing consulting services to address regulatory compliance problems, magnified subsequent to the 2008 recession. Sophia is the author of three previous books: Compliance and Financial Crime Risk in Banks: A Practitioners Guide (2024), Operational Risk Management in Banks and Idiosyncratic Loss Theory: A Leadership Perspective (2022), and Banking and Effective Capital Regulation in Practice: A Leadership Perspective (2020).