A $900M error, poor system design, and failed internal controls intersected in a recent court case decided in New York. Citibank, in its role as administrator for loans that a group of lenders, or syndicate, had made to Revlon, was responsible for coordinating between lenders and Revlon.
Finance and Accounting
The Investment Industry Regulatory Organization of Canada has published a Cybersecurity Notice on Ransomware, which flags a recent uptick in ransomware attacks on IIROC firms and provides guidance on how IIROC firms should prevent, detect, respond to and recover from ransomware attacks.
How do you know whether to speed up (take the risk), slow down (minimize a risk), or even stop if you don’t understand all the things that might happen? You have to be able to assess and evaluate both the good and the bad so what you put on each side of the scale is in fact comparable.