For better detection of the specific fraud I would have done an intensive approach of the top down structure of the company. While having assessment of the different structural analysis as well as having electronic data management system which can be analyzed plea for observing any kind of destructions into the company would have been my choice for early detection of the specific scandal. By having multiple financial analysis and also having a specific team to analyses the situation as well as having a find eye on the investment from the company would also have been my main motive to create more ethical working environment without any standard.
By implementing new accounting methods and implementing the new risk management strategies would also have been my main concern. Be specific technological advancements as well as implementation of newer strategies into the organization would have directly helped me too early detect this is specific scandal and to overcome the situation.
While having intense Research and analysis over the financial structure of the company, I would have directly increase the level of implementation of risk management strategies as well as analysis strategies which would have been reduced or stopped the specific situation.
For this weeks discussion, I decided to tackle the Wells Fargo Account Scandals that rocked us back in 2016 that started with then WF CEO Tim Sloan. There were millions of fake accounts that were created so that the bank would look more profitable, all while the higher ups were also taking this money. Many employees were fired as the accounts were created by them under what was dubbed extreme pressure but regardless, employees knew exactly what they were doing was immoral and also very illegal. Personal information was taken from WF customers and credit cards were opened, accounts were opened and the customers didn’t find out until they were no longer able to utilize their accounts. What a scummy thing to do and what a terrible way to find out. I have since terminated my banking with WF because I didn’t like their customer service and how unhelpful they usually always were. I have also heard from many sources that individuals that work at WF are treated poorly, have poor insurance and the morale is extremely low. So how does it still stay as one of the largest banks? Whistleblowers alerted authorities of stuff like this happening years prior to the scandal. I think that whistleblowers are effective because they never have to feel like there will be repercussions or negativity and it is a way to report and protect your family.
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