Internal Audit, Fraud and Risk Management at Wells Fargo

摘要

Wells Farm the largest bank in the U.S. by some measures, agreed to pay a fine of $185 million and an additional $5 million in customer remediation being found guilty of fraud. Employees generated $2.6 million in fees for the bank by creating 115,000 unauthorized customer accounts and credit cards. Using case study methodology, this paper investigates the factors that allowed, and even encouraged, this massive case of fraud. The paper highlights the impact of internal audit failure, firm culture, board structure and oversight the creation of fraud.