On 31 January 2019, Ernst & Young issued its second report under the EU, identifying further concerns regarding CFPL’s remediation program and its compliance systems and processes – including that there remains ‘a heavy reliance’on manual controls, which ‘have a higher inherent risk of failure due to human error or being overridden’. Ernst & Young recommended CFPL address these issues within a further 120 days.
So.....from the above info 120 days from 31st Jan 2019 is how we arrived at the 31st May 2019 time frame we were working on.
So .... I wonder where this now leaves CBA and EY reporting / updating about the EU to ASIC ........!!!! That being the case I wonder what other compliance systems and processes CBA has in place given IAM with our pilot software / Boom is no longer in use ?
I think that there's a lot more to this than what we are being told.
Is CBA just playing hard ball to see if we will cave in.
Like always DYOR
IAM Price at posting:
0.1¢ Sentiment: Hold Disclosure: Held
