Credit Suisse discloses ICFR ‘not effective’ in 2022

Credit Suisse Group, still reeling from significant losses tied to the 2021 collapses of Archegos Capital Management and Greensill Capital, disclosed in its annual report its internal control over financial reporting (ICFR) was “not effective” for the fiscal year ending December 2022.

The Swiss bank made the disclosure Tuesday in its 2022 annual report. The bank’s management came to the conclusion as part of a risk assessment of management practices.

The assessment found the bank “did not design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements in its financial statements.”