Credit Suisse admits failures in internal risk assessments

Delayed annual report

Credit Suisse has admitted “material weaknesses” in its internal controls over financial reporting and risk assessments in 2022 and 2021.

In its delayed annual report, released today (14 March), the banking giant stated "management has identified certain material weaknesses in our internal control over financial reporting". Credit Suisse warns of further pain after biggest losses since 2008 This related to the "failure to design and maintain an effective risk assessment process to identify and analyse the risk of material misstatements in its financial statements". It also related to the failure to design and maintain effective monitoring activities. As a result of which, Credit Suisse added, "management has concl...