If you’re in business, and you need to keep the market informed about your operations, so that they can make educated choices about investments, it’s important that your communications are accurate, complete, and reliable. So you take steps to make sure that you have processes and procedures that provide a level of assurance that the information you report is correct. And if problems arise, you address them promptly. Before the regulators step in and require it. Twelve years later, in December 2013. And cause a 3% drop in share value.
“Fed Raps Deutsche Bank For Shoddy Reporting,” Wall Street Journal, July 23, 2014 A1 Bank repeatedly warned over the years about weakness of processes and unreliability of financial information.
It’s good to aspire to be best in class. But it’s not good to be worst.
What would a similar report do to your company’s reputation?