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Billion-Dollar Bank Failure: $65 Million Civil Penalty for Failing to Keep Proper Risk Controls

If operational risk failures can happen to a bank with a US200 million dollar asset base, what about your bank?

Why are we so comfortable (normalized deviance, confirmation bias, or availability bias?) with the internal controls of our banks in the Caribbean? 

“The Office of the Comptroller of the Currency announced on Wednesday that the bank is required to take “broad and comprehensive corrective actions” to strengthen its internal practices.

The OCC found that City National “engaged in unsafe or unsound practices” related to the management of operational risk, strategic risk, investment management practices and compliance”….

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