Change is inevitable, and we know this now more than ever. The technological disruptions that were hastened by the exigencies of the pandemic have now become widely accepted and mainstream, with such changes continuing to grow more rapidly each day.The pace of change in organizations has also accelerated. As a response to risk events such as cybersecurity breaches and fraud, especially during the pandemic, organizations had to quickly reinforce controls to protect their assets and manage compliance, reputational and legal risks.

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The collapse of Silicon Valley Bank (SIVB) is a "textbook case of mismanagement", the Federal Reserve's Vice Chair for Supervision Michael Barr said in a prepared testimony that he will relay before a Senate panel on Tuesday. Barr slammed the bank's management for not effectively managing interest rate and liquidity risk, resulting in an unexpected bank run that led to its demise.

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If you have been working in fintech long enough, you have likely heard statements like, “We are building an airplane (or ship?) while flying (sailing?) it,” or, “Move fast and break things.” These statements are usually used to justify the lack of internal controls in favor of showing progress or user growth. However, if history has taught us anything, it is that if things can break in finance, people can lose hard-earned money, companies can go bankrupt and CEOs can go to jail.

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The authorities claimed Deloitte's audit of one of the country's largest bad-debt managers was marred by negligence China's Finance Ministry has imposed an unprecedented fine of 212 million yuan ($30.8 million) on accounting firm Deloitte, one of the global audit giants comprising the 'Big Four,' for negligence in its audit of bad-debt manager China Huarong, the ministry said in a statement on its website on Friday. Bad-debt managers are asset management firms that are tasked with buying distressed loans from banks.

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For more than ten years, Larry Fink, Chairman and CEO of BlackRock, the world’s largest asset manager, has published separate annual letters — one to CEOs and another to BlackRock’s shareholders. This year, Fink combined the two letters into one to underscore that in serving its clients, BlackRock has also created value for its shareholders — a demonstration of stakeholder capitalism at work. As we recently explained, major asset managers such as BlackRock play a critical role in supporting companies as they seek to fulfill their fundamental purpose of pursuing long-term, sustainable value creation.

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Consumer products company Tupperware Brands Corp. disclosed it uncovered material weaknesses in its internal control over financial reporting (ICFR) as part of an announcement its 2022 annual report would be delayed. Tupperware is seeking an extension to file its fiscal year 2022 Form 10-K with the Securities and Exchange Commission while it reviews its accounting, the company disclosed in a filing with the agency Thursday.

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Investors sued Credit Suisse on Thursday, alleging the bank overstated its financial outlook to shareholders before the Swiss lender’s shares crashed this week. Credit Suisse saw the biggest one-day selloff in its history Wednesday, with shares plunging 30% at one point, after Saudi National Bank, its biggest shareholder, declined to boost its stake in the embattled bank. The lawsuit, filed in a federal court in Camden, New Jersey, came on the same day Credit Suisse borrowed $54 billion from the Swiss National Bank in an attempt to bolster its liquidity and restore investor confidence.

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With shareholder activism on the rise, the need for boards to proactively engage with shareholders has also increased. Shareholder engagement refers to the process of engaging shareholders, usually those representing the largest blocks of stock, in face-to-face verbal communications. Topics usually include CEO evaluation and succession, executive compensation, board nomination criteria, governance issues, corporate strategy and emerging issues such as oversight of corporate culture, human capital management and the set of issues known as environmental, social and governance.

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Telecom giant Ericsson kept records about potential bribery schemes locked in safes and basement cabinets while company lawyers withheld “key details” from an explosive report alleging the Swedish firm’s possible payoffs to terrorists in Iraq, U.S. court documents reveal. Documents filed earlier this month in federal court in New York by the U.S. Justice Department also say Ericsson employees failed to disclose evidence of corrupt payments contained on USB drives for as many as six years, despite an ongoing criminal investigation.

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Contact: Mr Nereo Guzman Mendoza

Email: nguzman@businesssolutionvalley.com

Tel: +52 811 181 3514

Control Quotes:

"Smart people learn from everything and everyone, average people from their experiences, stupid people already have all the answers.” —Socrates