Financial institutions are held to strict operating standards to prevent financial misstatements, mitigate fraud and safeguard against failure. When a financial institution reaches $1 billion in assets, it's held to an even higher standard.
Regulatory agencies require internal controls that include the policies and procedures financial institutions establish to reduce risks and ensure they meet operating, reporting and compliance objectives. Noncompliance can result in penalties and other administrative actions.
Read this white paper to understand how large financial institutions maintain appropriate internal controls with the same staffing and increasing responsibilities.