Aladdin Case Study

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As a result of innovations in closed-end funds, trusts and more, it was able to raise $1 billion. It also set forth the development of the unified investment platform, Aladdin – a tool that put together trading, risk management and client reporting.
The name BlackRock was updated in the year 1992. (BlackRock History, n.d.)

Leadership

BlackRock’s Global Executive Committee (GEC) is the highest level governance committee. The committee constitutes of the senior executives who are responsible for company’s operations. The GEC keeps oversight of business operations, strategy, human resource planning and performance.
The committee members are - Laurence D. Fink (Chairman and Chief Executive Officer of BlackRock), Robert S. Kapito (President),
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2) Enhance Shareholder Value – To improve operational efficiency and effectiveness of the firm. Role of External Audit
1) Compliance with U.S. GAAP (Generally Accepted Accounting Principles), IFRS (International Financial Reporting Standards) or similar organizations in different nations.
2) Accurate and complete financial results of the operations for a period of time.

Table 1 External Audit vs Internal Audit
Criteria External audit Internal audit
Reporting Structure Stakeholders outside of the company’s governance structure. The senior management within the company’s governance structure.
Objectives To award credibility and reliability to the issued financial reports from the company, by performing assessment of the report To evaluate and to improve the risk management and control processes.
Coverage Financial reports, financial reporting risks. All categories of risk, their management, including reporting on them.
Responsibility for improvement None Adviser, Coach and Facilitator of improvement projects to strength the risk and control environment
(Chartered Institute of Internal Auditors,
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3) Internal Audit – Internal audit is the (“3 LoD”) third Line of Defense. It independently and objectively assesses the risk environment and provides assurance on internal control systems communicates (reports) and tracks risk exposure and mitigate controls.

For instance, Nestlé’s recall of its product “Maggi 2-Minute Noodles” happened due to its failure to comply with the local regulatory (Food Safety and Security Authority of (India) norms. Further, its business continuity was jeopardized due to the sheer scale of recall and incineration of Maggi packets.
As a result the company suffered its first quarterly loss of $10.1million, in 15 years. As per blog in wall street journal, Nestle had to recall packets weighed more than 27,000 tons, deployed 2,500 extra trucks to carry noodles, and took more than 40 days to destroy the packets.
(Nestle India Reports First Loss in 15 Years After Maggi Recall, n.d.) (The Mind-Boggling Scale of Nestlé’s Maggi Noodle Recall,

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