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.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.