On December 7, 2021, partners Mark Chorazak, Jonathan Swil and Katherine Stoller and Of Counsel Simon Dodds took part in a webinar titled “When Controls Fail: Hard Lessons Learned from Bank Enforcement Actions.”

In recent years, there have been a succession of high-profile incidents in which banks have incurred substantial losses as a result of a combination of cultural shortcomings, poor governance and inadequate risk and other systems. Strikingly, similar themes, problems and red flags reoccur in these situations. Different financial institutions have a tendency to repeat the previous failings of their peers. What should banks do to stop themselves falling into the same traps, and making the same mistakes?

Mark, Jonathan, Katherine and Simon discussed preventative steps and gave practical advice about the cultural, governance and systems changes banks and financial institutions should have in place to avoid their own problems.

Watch the replay of “When Controls Fail: Hard Lessons Learned from Bank Enforcement Actions.”