- October 14, 2020
- Posted by: Zaviant Consulting
- Category: Internal Control
Citibank is facing major repercussions due to longstanding internal issues. Their lack of effective risk management, data governance, and internal checks left them with a $400 million fine to settle enforcement actions from the Federal Reserve Board and Office of Comptroller of the Currency. To mitigate additional errors, the Fed also imposed a cease and desist upon Citigroup; the bank’s holding company. This will hold the bank’s leaders more accountable for any lapses in the future. Your company must be equipped to search for and avoid similar internal flaws. This is crucial to maintain a healthy business atmosphere. Otherwise, the trust of your customers and regulators could slip away.