Post by Harriet Mitchell

a CFO's worst nightmare came true. a $77M accounting error + $800M market cap wiped. Both Hub Group's CFO & COO are out the door. Not because of fraud. Not because of theft. No corporate espionage. But because their accounting system & logic was flawed. Their system was booking expense estimates that did not line up with actual vendor invoices, and the internal mechanisms failed to catch this. Essentially generating a big fat $77M hole. The modern CFO should place equal importance on the investment and implementation of AI whilst simultaneously ensuring they are backed by rock-solid data governance.