The Wates Principles: Thoughts on Application

Source: Financial Reporting Council
  • Toys R Us outsourced their web presence to Amazon in the early 2000s. Toys R US online failure was the harbinger of the demise of many bricks & sticks retailers. This is online presence risk.
  • In 2017, hackers gained access to the data of 140 million Equifax customers in one of the worst breaches of consumer data ever. This is pure cyber security risk.
  • More recently, Amazon has suffered from continuous social media debacles following its proposal to have the public contribute to a relief fund for Amazon’s workers, and then besmirching and firing an employee who led a strike over worker conditions during the COVID-19 pandemic. These separate events blend social media engagement with reputational risk.




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Abdulkader Thomas

Abdulkader Thomas

Raised in Southern Ohio to become a globe trotter,…

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