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Corporate Governance and Risk Management - Assignment

   

Added on  2021-06-17

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1Corporate Governance and Risk Management Audit ExerciseCase of Wells Fargo Company and the Case of “Wells Fargo account Fraud Scandal”Student Name:Student Number:Module Code:Submission Date:

2Table of Contents1.Introduction...................................................................................................................................32.Overview of Wells Fargo................................................................................................................33.The ‘Advertised’ Values Of The Organisation................................................................................44.The History of the Organisation over the Recent Past...................................................................65.Financial Management And Accountability...................................................................................76.Risks to the Wells Fargo well-being...............................................................................................87.Services and Products offered by Wells Fargo.............................................................................118.A customer or Client base............................................................................................................129.Wells Fargo Management Structure............................................................................................1310.Conclusion About Wells Fargo Integrity...................................................................................1411.Recommendations on Effective Solution.................................................................................15References...........................................................................................................................................17

31.Introduction Values in organizations play a key role in determining the nature of actions to implement. It is through identification of organizational values such as actual and proclaimed that all actions relate to values (Ruiz Jiménez, Vallejo Martos and Martínez Jiménez 2015). Furthermore, values allow companies establish robust structures that enhance “operationalisation” of all values. Avota, McFadzean and Peiseniece (2015) illustrate that such problems could include differences in value systems. External auditors that conduct governance and risk management seek to identify clear guidelines concerning the constraints of acceptable behaviour consistent across the world. They try to identify available differencesin the market where they operate. In overall, managers conduct governance and risk management audit in order to identify core values as well as evaluate internal and external implementation. This paper conducts a governance and risk management audit of Wells Fargo Company. 2.Overview of Wells FargoWells Fargo operates in American market within its headquarters at San Francisco, California. Currently, the company operates in almost every part of American market. The recent market ratings conducted by Waistell (2017) revealed that Wells Fargo ranks second interms of market capitalization. Furthermore, the company ranks third in US in terms of total assets. For example, the 2015 report by Nightingale (2018) reveals that the company ranked highest in market capitalization. Wells Fargo also operates through the national bank Wells Fargo Bank, N.A as its primary subsidiary. The primary main offices are located at Sioux Falls, South Dakota.

4As one of the leading player in the financial sector, the company management believes that it has an important role to play in offering thought leadership as well as ensuringthat it delivers practical solutions for some of the challenges arising from economic, social, and environment. For example, the company uses its products and services, cultures, philanthropy, and operations to fulfil its commitments (Porter 2015). The company illustrates its commitments through its vision, values, and goals. For example, the company vision shows that it is committed in ensuring that it satisfies the financial needs of its customers by helping them to succeed financially. The major premise around this commitment is to serve customers better when there is a strong relationship between customers and the provider who understands them well as well as offering of reliable guidelines. In every action that the company takes, it applies five major values. The company understands what is right for its customers. It relies on people/employees as its key competitive advantage to compete against other financial service providers. The value of ethics makes it gain a higher commitment towards using highest standards of integrity, principled performance, as well as transparency in all its actions. The value of diversity and inclusion helps the company value and promote diversity and inclusion across all areas of operation. The value of leadership reminds the company about its call to be leaders. This makes it easier for the company to provide an environment where everyone can attain own leadership, lead the team, and in overall, lead the company as a whole. 3.The ‘Advertised’ Values Of The Organisation The company has five primary values that they emphasis out in public. They mainly are the rights of clients, diversity, and participation, individuals and leadership as a rivalryadvantage. Wells Fargo aims at employing the most skilled people in the market. The

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