This just goes to show how important the internal control environment and risk culture is in a financial services organisation. In what appears to be a blatant override of controls, an investor was potentially exposed to loans with characteristics not meeting their investment criteria, a CEO and 3 senior executives have lost their jobs, shareholders have lost $950m in market value and questions around trust now arise. How does this occur? In my view, it's the risk culture or 'tone at the top' that has allowed this to happen.