Risk Factors Update Summary
- Addition of "and / or" to emphasize potential outcomes, increasing clarity and risk awareness.
- Mention of the implementation of a new core banking system in September 2022.
- Disclosure of identified material weaknesses in internal controls and the need for ongoing remediation.
- Improvements in organizational capabilities and implementation of necessary remediation measures.
- Continuation of higher interest rates impacting financial statements and potential misstatements.
- The Federal Reserve's actions in raising benchmark interest rates and the potential impact on operations.
- Risks associated with losses from operational errors and the ongoing plan of remediation.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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