Federal regulators recently slapped Citigroup, the nation’s third largest bank, with a $400 million fine for its “longstanding failure” to fix problems with its risk management systems. The decision sends a clear message that the entire financial services industry needs to dramatically up its game when it comes to risk management.
The report by the U.S. Office of the Controller of the Currency didn’t pull any punches. It said for several years the bank failed to implement and maintain an enterprisewide risk management and compliance risk management program, internal controls, or a data governance program commensurate with the bank’s size, complexity and risk profile. And blame was laid squarely on the shoulders of senior leadership at Citigroup.
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