The Wirecard Fraud: What Treasury Groups Can Learn from This

Concerns about the 1.8B EUR ($2.1B USD) ‘missing cash’ situation at Wirecard have resonated well beyond Germany. Markus Braun, the CEO, was arrested and the company filed for bankruptcy protections following the disclosure that the auditors would not sign off on the company’s financial statements. The market has been quick to correct valuations, dropping the company’s valuation by over 12B EUR. This video provides a summary of the recent timeline of events (June/July 2020). It ends with a short discussion of typical controls that would prevent this type of situation from remaining unexposed for so many years.

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Strategic Treasurer is a specialized treasury consulting firm founded in 2004 that exists to elevate and enhance the practice of treasury by advising individual clients and informing the industry at large. Strategic Treasurer's consulting arm provides outsourced treasury management services, bank connectivity and onboarding, compliance support, as well as, security and control assessments. Their market intelligence division focuses on informing the industry through various e-books, whitepapers, videos, analyst reports, surveys and more.