Thanks for sharing Brian D. McCarthy. Looks like Bancorp is going through problems with the management of internal controls and Credit Risk, as the…

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Thanks for sharing Brian D. McCarthy. Looks like Bancorp is going through problems with the management of internal controls and Credit Risk, as the bank reported that its Chief Risk Officer has left the bank. Shortly before reporting larger than expected 4th quarter Loan Losses, that jumped from $252 million to $2.7 billion. Reporting higher than expected losses from real estate loans and potential loan defaults and divulging ‘internal control issues’. The bank identified material weaknesses in the companies internal control following a loan review that identified from ineffective oversight, risk assessment, and monitoring activities. Also appointing a new Chief Audit Officer.

Sounds like issues similar to those faced by Signature and Silicon Valley Banks in 2023.

(https://lnkd.in/gQSApuFW)

@Thaddeus Dziekanowski

Veritas GRC

#cybersecurity #cyberriskmanagement #creditrisk

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