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Recent Editions

Risk Channel
North America
The U.S. Treasury Department's Office of the Comptroller of the Currency has withdrawn its principles for guiding banks on climate-related financial risks. Acting Comptroller of the Currency Rodney Hood said: "The principles providing guidance to banks for climate-related financial risk are overly burdensome and duplicative." The decision aligns with President Donald Trump's broader agenda, which includes withdrawing from the Paris Agreement and cancelling U.S. global climate finance initiatives.
Full Issue
Risk Channel
UK/Europe
Engineering services company John Wood Group has identified "cultural failings" as a key issue following an independent investigation by Deloitte, which revealed that crucial financial information was withheld from auditors. The firm is unlikely to meet the deadline for publishing its full-year results, risking suspension of its London-listed shares. Deloitte's findings highlighted "material weaknesses and failures" in the financial culture of Wood Group's projects business, including "inappropriate management pressure" and a lack of evidence for accounting judgements. The company anticipates significant adjustments to its income statements and balance sheet for the past three financial years. Chief financial officer Arvind Balan resigned last month after he admitted to providing an incorrect description of his qualifications. Wood Group now says it is committed to a "detailed remediation plan" to improve its financial governance and controls. The firm is also in takeover discussions with Sidara, which previously made a £1.6bn offer before withdrawing due to market uncertainties.
Full Issue