Banks Urged by Regulators to Adopt Tougher Internal Auditors

Banks were pushed by two U.K. financial regulators to empower internal auditors to stand up to senior decision makers within the firm and oversee risk taking.

Regulators expect banks to have internal auditors that can provide a challenge to management, “to help protect the assets, reputation and sustainability of the organization,” Andrew Bailey, the Bank of England’s top banking supervisor, said in an e-mailed statement.