First Reference Talks

Discussions on Human Resources, Employment Law, Payroll and Internal Controls

Internal Controls

By | 4 Minutes Read

Vendor master file blunders caused a $2.7M loss

Vendor master file blunders caused a $2.7M loss for a company whose insurer refused to cover most of the loss. At the root of the loss was the company's inadequate response to a phishing email. A few simple best practices could have prevented the loss.

By | 4 Minutes Read

A $900M error, poor system design, and failed internal controls

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.

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Established in 1995, First Reference Inc. (known as La Référence in Quebec) provides Canadian organizations of any size with practical and authoritative resources to help ensure compliance.

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