McKinsey Warned Wirecard to Take Immediate Action on Controls

McKinsey warned Wirecard to take immediate action on controls in their largest business more than a year ago; the consultancy told the company in June 2019 that “risks related to business partnerships or third parties” were one of its main vulnerabilities, according to two people briefed on the details and a document seen by the Financial Times; the information was known by management and supervisory boards at Wirecard showing the company ignored such warnings; McKinsey gave a presentation to the company in August 2019 where it warned that “non-existent” controls over the third-party business had created a “significant risk”; earlier in 2019 then CEO Markus Braun told analysts that the company’s compliance was perfect. Financial Times.

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