The consequences of unseen financial errors have been well documented in recent months. Switzerland's Credit Suisse bank is just the latest in a long line of companies to fall victim to poor financial controls and reporting practices, as well as the misguided notion that they are ‘too big to fail’.

In the midst of controversy and tumbling shares in March, Credit Suisse stated that it had identified ‘material weaknesses’ in its internal controls over financial reporting. After the bank continued to see an exodus of investors, Credit Suisse was acquired by UBS for £2.65bn in March, significantly below its initial value of £7bn the previous week.

As an organisation that has survived multiple crises in recent years, it’s telling that the final blow for Credit Suisse came from something as foundational and fundamental as proper financial governance, risk management and controls around both internal and external reporting.