April 2024 saw Citi Group risk management system fails when they made an internal transfer error of $81 trillion. Yes – trillion. The intended transfer? Just $280.
What happened?
This wasn’t a one off, Citi reported 10 similar near-miss events over the past year, each involving more than $1 billion. While no financial loss was recorded, it’s a stark reminder that repeated risk events, even when caught, signal deeper systemic issues. Read the financial times article here
Insights into the problem
These types of repeat events happen across industries, jurisdictions and organisational sizes and too often we fail to truly learn from them.
Risk registers get written, controls are documented, audits are conducted, and findings are actioned. When these activities remain isolated, risk management becomes a box ticking exercise.
Some organisations fall into the trap of “risk by numbers”. They document a risk register and develop controls and then promptly file it away until next years review comes due. In the meantime, the real work of the organisation continues, often without the support of an active, embedded risk approach.
But it doesn’t have to be this way.
How we fix it
The best organisations don’t just “do” risk management. They live it, integrated into decision-making, adaptable to change, continuously improved and focused on enabling success not just avoiding failure.
At Tykee Advisory we bring practical frontline experience managing risks within complex organisations. Our mission is to help you build or improve risk management practices, so they actually work, are aligned to your strategy, embedded into operations and designed to deliver better business outcomes.
At Tykee Advisory, we offer practical, expert-led risk management consulting. Our focus is on aligning risk and strategy, not just ticking compliance boxes. We help embed risk frameworks into daily operations and support better decision-making. Whether you’re starting fresh or improving an existing approach, we deliver clear, scalable solutions. The result? Stronger performance, greater resilience, real business outcomes and hopefully no trillion-dollar transfers. Contact us to discuss how we can help you.
July 23, 2025
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