$8 million in fines and purse

The bank hacking would be too easy a target.  So I looked further, and found one on the host of this weekend’s golf tournament, with an $8million purse.

“Deutsche Bank Fined Over Reporting,” Wall Street Journal, August 29, 2014 C8  Nearly $8 million in fines for reversing “buys” and “sells” since 2007  for nearly 30 million contracts in reports to the regulators.  A systemic error in their information collection and reporting process.  At least they got the profit and loss right.  We think.

If a bank can get this many transactions wrong, what confidence do you have that the rest of their reporting is reliable, accurate, and complete?  Glad I didn’t sign off on the financials.  Whose head is going to roll?  The CFO?  The Board?

But the tournament goes on.  The shareholders must be so proud.

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Filed under Board, Business Case, Collect, Compliance, Compliance, Compliance, Compliance Verification, Controls, Duty of Care, Governance, Information, Internal controls, Management, Oversight, Protect, Protect assets, Protect information assets, Risk, Value

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