23SBCR-Corporate strategy and governance

Final report

Student Name: Magzoub Yahya Mohamed

Student ID: 22232890@bucks.ac.uk

UNRAVELLING THE WIRECARD DEBACLE: A STUDY ON CORPORATE GOVERNANCE FAILURES AND LESSONS LEARNED FROM THE 2020 SCANDAL

Table of Contents

TOC o "1-3" h z u Abstract PAGEREF _Toc163724799 h 3Chapter One: Introduction PAGEREF _Toc163724800 h 5Chapter Two: Literature Review PAGEREF _Toc163724801 h 7Defining Corporate Governance PAGEREF _Toc163724802 h 7Wirecard's Governance Structure: Lapses and Failures PAGEREF _Toc163724803 h 8Theoretical Perspectives on Corporate Governance PAGEREF _Toc163724804 h 9Comparative Analysis and Regulatory Perspectives PAGEREF _Toc163724805 h 10Discussion of Secondary and Primary Research PAGEREF _Toc163724806 h 10Secondary Research Performed PAGEREF _Toc163724807 h 11Insights That Are Provided from Primary Research PAGEREF _Toc163724808 h 12Synthesis and Implications PAGEREF _Toc163724809 h 13Critical Review of Corporate Governance Mechanisms: Learning from the Wirecard Scandal PAGEREF _Toc163724810 h 14Regulatory frameworks and oversight mechanisms include (c) both the regulations and scrutiny leanings. PAGEREF _Toc163724811 h 14Corporate Governance Procedures and the Role Played in the Management Structures PAGEREF _Toc163724812 h 15Variety of Stakeholders' Viewpoints as well as the Ethical Obligations PAGEREF _Toc163724813 h 16Corporate Governance in a Transformative State PAGEREF _Toc163724814 h 16Assumption and Future Directions PAGEREF _Toc163724815 h 17Recommendation and Action Plan for Enhanced Corporate Governance PAGEREF _Toc163724816 h 18Strengthening Regulatory Frameworks PAGEREF _Toc163724817 h 18Technology as a game-changer in the context of governance quality PAGEREF _Toc163724818 h 19To strengthen ethical culture and foster stakeholder engagement PAGEREF _Toc163724819 h 19Server parse the board and management. PAGEREF _Toc163724820 h 20Open and Responsive Communication and Transparency PAGEREF _Toc163724821 h 20All-the-time monitoring and stabilization PAGEREF _Toc163724822 h 21Chapter Three: Methodology PAGEREF _Toc163724823 h 22Research Method PAGEREF _Toc163724824 h 22Data Type PAGEREF _Toc163724825 h 23Sampling Method and Size PAGEREF _Toc163724826 h 24Target Population PAGEREF _Toc163724827 h 25Data Sources PAGEREF _Toc163724828 h 26Data Analysis Methods PAGEREF _Toc163724829 h 27Ethical Consideration PAGEREF _Toc163724830 h 28Gantt Chart/Timeline Chart PAGEREF _Toc163724831 h 29Conclusion PAGEREF _Toc163724832 h 31References PAGEREF _Toc163724833 h 35

Abstract

The Wirecard case shows succinctly what problems may arise when one does not pay attention and whether one does not comply with corporate governance or not within modern business scenes. While Wirecard was praised for its fintech innovations and international investments, which supposedly symbolized Germany as a country emphasizing technological advancement and financial stability, one should not forget that it hastily gained a great deal of attention and recognition. But although the first glance at the company manifested a prosperous atmosphere, the systemic mismanagement, with its magnitude shocking to the very core, revealed one of the most recent corporate scandals in history. At the forefront of investigating the Wirecard scandal is the befitting management governance system that guides organizational affairs, ensuring accountability and integrity as well as protecting stakeholders. A careful examination of the management structure, including an assessment of the integrity of the board, financial management, risk management, internal controls, and ethics, fell into place as the allegations of unfair financial practices and fraud came to light. Disclosures of the dark bits of the secrets caused the investors to lose their faith, sagging market confidence, and very enduring, unreasonably negative results on the financial side. The problem served as a good reminder of such fundamental governance flaws and included questions of non-intervention by the board, accountability of executives, transparency of financial reporting, and the effectiveness of regulatory supervision. It revealed the limits of antique systems of governance in challenges focused on diverse financial trades, the transformation of business models, and the interplay between technology and finances. At the same time, due to the global nature of its operations, Wirecard showed the limits of cross-border regulation as well as coordination between regulatory agencies, and they also appealed for the case to generalize the governance standards in today's digital economy.

Those learnings from the Wirecard catastrophe go beyond the establishment of corporate governance structures because they implicate the wholeheartedness of corporate culture, risk management procedures, stakeholder involvement, and the functionality of regulatory controls. The scandal magnified the key relevance of intact internal controls, whistleblower protections, independent audit functions, and ethical leadership to safeguard against governance risks and sustain the intactness of an organization. Apart from that, it drew attention to the activities of shareholders, business or financial analysts, the media, and civil organizations in scanning corporate actions, advancing transparency, and advocating for governance reforms. Regulators leaned towards remedial measures ranging from the need for stricter regulations to an enhanced enforcement mechanism and cooperation with peers globally to fight fraud and other corporate offenses after the Wirecard debacle. Under regulators were asked whether the regulator was paying enough attention to high-profile companies, its disclosure requirements were adequate, and it was responsive enough to investigation signals. The remaining pieces of wirecard led attempts to reform regulation, debate on policies, and industry commitment to bolstering governance structures, ensuring market legitimacy, and rebuilding investor confidence. Despite the fact that the Wirecard scandal has provided a warning and impetus for change in corporate governance practices globally, it can be concluded that business processes involve calculable risk and elements of uncertainty that contribute to a favorable permissive environment for white-collar crime. It demonstrates the need for vigilance, accountability, and transparency in navigating the complexities of the present business scenario while leveraging ethical virtue. In the same way, perceiving the governance drawbacks that Wirecard exposed may help organizations, regulators, investors, and key stakeholders work together so as to secure governance mechanisms, create a culture of integrity, and maintain credibility in financial institutions and capital markets.

Chapter One: IntroductionWirecard AG, launched in 1999 in Germany, set the standard of innovation for fintech firms providing comprehensive digital payment services, including processing, transferring, and tracking. The division's context, beginning with the company's rise from a startup to a big tech firm listed on the renowned DAX exchanges, represents a great opportunity that exists in technology-based business. Since the late 2010s, the company has already become an international star, dominating the field and bringing Germanys achievements in the fields of technology and economy to a new level. Nevertheless, the company's already-thriving story took an unmatched twist in 2020 when rumors of the perception of the falseness of a vast number of financial reports were unveiled. The critically damning reports left the investors without confidence, which eventually led to the free fall in Wirecards share price and then the company's insolvency. The whole situation had been pretty shocking for the auditors, with unpopular news on 1.9bn missed in the financial statements, which certainly could be a good reason why organizations or governments are closely monitoring financial management regulations in their respective countries. Besides the financial markets, the Wirecard debacle was an opportunity where the world discoursed on the effectiveness of corporate governance, regulatory oversight, and how stakeholders are protected. Such a case study shows how failing to manage the company correctly could lead to situations unimaginable in scale. It would be unacceptably hazardous for the company, investors, employees, and the entire economic system.

The ultimate purpose of this paper is to explore the nuts and bolts behind the downfall emanating from Wirecard plateauing, where deficiencies in corporate governance practices are key features. Consequently, we will explore this case study with the aim of finding the various financial factors that made it possible for a gap of such magnitude to remain missed for a long time. Moreover, the goal of the goal of the paperis to present the arguments on this topic animatedly. Besides, the paper seeks to add to the existing debate on how corporate governance systems that could be used to prevent future corporate scandals like this one can be strengthened. Corporate governance, consisting of a set of standards and procedures that aim to guarantee integrity, transparency, accountability, and risk management within organizations, is the core of this paper.By taking down the curtains of Wirecard's most essential governance gadgets and using the theoretical foundation of governance models for the sake of the whole employee spectrum, this study aims to come up with the most vital lessons and recommendations for stakeholders across the board. The literature review of corporate governance in the subsequent sections of this review will consolidate learnings from academic literature, industry analysis, regulation perspectives, and their mappings to corporate governance. In addition to this, we will add the results of primary research such as surveys and interviews of management and governance specialists with a view to defending these conclusions after-crisis views and applying the strategies in practice. This report could, thus, be the tool that might facilitate these adjustments in the corporate governance systems approaches. This would require a thorough and critical evaluation of the current governing structures, as well as the analysis of the learning outcomes based on the research that was done and the synthesis that would come from this study. By being proactive and holding all segments of the organization responsible for the implementation of the accepted, commonly shared values of integrity, transparency, and stakeholder centricity, organizations can develop mechanisms for the mirroring of irresponsible behavior and, thus, remain self-reliant and able to serve stakeholders.

Chapter Two: Literature ReviewDefining Corporate GovernanceGovernance is not only laws and principles; it represents ethics and ideology that distinguish a company from the rest. It implies the delineation of the common duties as well as the organizational authorities' prerogatives within an organization with the purpose of enforcing transparency, control, and justice. A higher level of corporate governance is more than just adherence to legal requirements; rather, it incorporates ethical issues, risk management strategies, and an alignment of interests between shareholders, local administration, and other stakeholders. The objective of corporate governance frameworks is to create sustainable structures, processes, and systems of decision-making and monitoring that, in turn, will support the corporation in wealth creation, taking into consideration all different stakeholder interests.

Wirecard's Governance Structure: Lapses and FailuresThe Wirecard story is a warning against overlooking the principles of corporate governance in endeavors to realize fast growth and high yields. Using the example of a Wirecard company, Gottschalk and Benson (2020) identify the main shortcomings in the governance structure, namely the absence of independent control mechanisms and the exercise of risk mitigation measures. This complexity of the operation enabled systemic problems like obfuscated financial reporting and moral compromises to remain beyond control. The presence of unregulated activities within the organization and a mission that concentrated on short-term financial targets rather than sustainable business practices was the reason behind the loss of trust among investors, regulators, and society.

Theoretical Perspectives on Corporate GovernanceJensen and Meckling's agency theory, in theory, provides highly relevant content related to the corporate hierarchical structure with the specific problems of divergent interests. Through the principle-agent paradox, shareholders (the principals) with the objective of expanding the firms value seek to achieve this by means necessary, while management, as the agents, has its own set of objectives. Under the phenomenon of Wirecard, the agency becomes responsible for the financially falsified data and veiling the actual circumstances just because of the executives' confessions to meet world market expectations and to receive personal benefit. In this case, it underscores the necessity of coordinating incentives, establishing efficient oversight systems, and multiplying ethical practices to prevent agency risks. Stakeholder theory, emerging within Freeman's (1984) ideas, broadens the sphere of corporate governance, incorporating the interests of all stakeholders besides shareholders. The failures of corporate governance inthe case of Wirecard show that management's leaders of this organization put shareholder interests before the concerns of everyone who has any stake in what the company is doing. Comprehensive devaluation of employee welfare, consumer conveyance, and community benefits to the point of short-term financial profit may trigger reputational damage and threaten long-term sustainability.Nurturing societal precepts encompasses monitoring financial flow and social and environmental responsibility together so as to create a trustworthy facade even in the face of external pressure.

Comparative Analysis and Regulatory PerspectivesRestating a similar analysis to that performed with Enron and WorldCom-type intracompany and interindustry lessons shows that the governance problem not only exists in the industry but in all jurisdictions. Through the movie Wall Street (2005), the director sets up frequently-run themes such as lack of a proper board of directors, poor risk management, and unethical behavior as reasons for corporate failure. Legal and regulatory frameworks also have a key function in creating standards, ensuring subsistence, curbing infringements, and maintaining activities. The Wirecard scandal has ignited strong requests for further regulatory authority, higher disclosure of financial results, and credible mechanisms to counter and prevent investor roots from being shaken. While multi-organizational involvement and efforts by regulators, commercial entities, and advocacy groups are necessary, it is even more vital to wipe out the systemic flaws and cultivate a culture of corporate responsibility. Developing these sections provides solemn knowledge about the multi-faceted indirectness of corporate governance failures, encompassing the equality of principles, ethical considerations, regulatory environments, and stakeholder engagement throughout the development and process of organizational behavior and outcomes. In this context, all views are great sources of information, which facilitates thoroughness when trying to come up with a governance strategy and let an accountability and integrity culture flourish.

Discussion of Secondary and Primary Research

Here, we analyze data resulting from the synthesis of both secondary research sources, e.g., academic papers, industry reports, and regulatory filings, and the results we got from primary research involving surveys or interviews with finance experts and governance representatives. What is required here is an investigation from all perspectives in order to find out the crucial issues and make forward-thinking suggestions on corporate governance after the Wirecard scandal.

Secondary Research Performeda) Academic Insights: An ample amount of academic literature definitely explains well the theoretical nature of corporate governance frameworks and how they are essential in discovering fraud and misconduct. Research by Gotschalk and Benson (2020) compares the relative effectiveness of outside board oversight, commensurate internal controls, and the implementation of corporate fraud risk management practices. These findings are particularly common to the case of Wirecards in terms of its governance failures. By all means, their deficiencies have been among the factors that led to the scandal.

b) Industry Reports: The control reports from audit firms and assessments of consultancy firms provide insights into corporate governance structures across the industries. The Wirecard crisis has highlighted how auditing procedures can be vulnerable, that regulatory governance can develop loopholes, and that the lack of transparency in the fast-paced tech industry can become a hindrance, as Deloitte, PwC, and EY reports pointed out. These reports certainly highlight the requirement for tighter regulatory oversight, free audits, and effective internal controls, which will rekindle investor confidence and suppress similar kinds of crises.

c) Regulatory Perspectives: The performance of regulatory responses after the Wirecard Incident goes hand-in-hand with the existence of flaws regarding policy oversight and, moreover, enforcement mechanisms. While regulating bodies such as BaFin (the German financial regulator) and the European Securities and Markets Authority (ESMA) wanted to ensure everyone from all of the financial institutions under their control, it emerged that the criticism was about their delayed actions and inadequate supervision. These renderings confirm how regulators and the world's countries should partner to ensure adequate management of cross-border financial misdoings.

Insights That Are Provided from Primary Researcha) Survey Findings: The survey, which was led after the Wirecard collapse among the experts in the finance industry, uncovered more delicate issues regarding perceived challenges in corporate governance as well as priorities that need to be set. The respondents stressed that it is essential for enhanced regulatory standards, auditing practices, and financial reporting transparency to be put in place as measures to ensure the integrity and accuracy of financial dealings. Worthy issues to address were mainly about imbalances of power on the board of directors, inadequate protection of whistleblowers, and the conflicting realities of the financial statements through complex accounts.

b) Expert Interviews: The findings of an in-depth survey on corporate governance and its impact on the system were supported by the analysis of the qualitative interviews with corporate governance experts about systemic issues and workable solutions. The experts mentioned the employment of independent oversight committees, risk assessments on a daily basis, leaders with good ethics, and stakeholder involvement as corporate governance pillars after the Wirecard collapse. By highlighting the adoption of a learning-on-the-go model, a system of governance equipped with adaptability factors, and making the most of technology for integrity and transparency in the sale of public goods and services, they urged the people.

Synthesis and Implicationsa) The convergence of insights from secondary and primary research underscores several critical themes and implications for enhancing corporate governance post-Wirecardb) Regulatory Reforms: The urgent necessity of having unitary, strict regulatory standards across jurisdictions and performing pre-motion, timely interventions, and accountability mechanisms is considered for regulatory bodies.

c) Board and Leadership Dynamics: As part of this regulatory agenda, the board must propose independence, diversity, and expertise above all the governance structures and build a growing tendency toward the highest level of oversight, risk awareness, and ethical decision-making.

d) Audit and Risk Management: Strict audit procedures with forensic audits in high-risk areas, satisfactory internal controls, and regular thorough risk assessment are necessary to detect and prevent financial abnormalities.

e) Transparency and Stakeholder Engagement: increased financial reporting transparency, the implementation of whistleblower protections, and a sufficient disclosure of the stakeholders' (that include shareholders, employees, and regulatory agencies) rights are the necessities for re-establishing trust with the population and being accountable.

f) Technology Integration: Technological tools can be applied, like AI application capabilities that hinder fraud detection, blockchains for increasing transaction transparency, and digital governance platforms that facilitate compliance and boost governance efficiency.

h) The creation of an integrated analysis based on the analysis and translation of the insights into real strategic solutions in the fight against fraud and corruption in the energy sector is challenging but very important because if all the stakeholders, including the organizations, the regulators, and the governance experts, work together towards these goals, they can bring about meaningful reforms and a culture of integrity, transparency, and sustainable value creation in the post-Wirecard era.

Critical Review of Corporate Governance Mechanisms: Learning from the Wirecard ScandalThe Wirecard scandal is the juncture of the conversation about corporate governance. It is known for being the one in which the most fundamental shortcomings of the existing measures aimed at the prevention of financial fraud are criticized. Under this critical review, the performance of present governance structures is evaluated from an academic standpoint with the dishonest reveal of the Wirecard scandal, which is a primary case. What is achieved is the generalization of the findings from the surveys, expert interviews, and secondary research to raise major issues and recommend a new way of thinking towards tactics that are more community-based.

Regulatory frameworks and oversight mechanisms include (c) both the regulations and scrutiny leanings.a) Gap Analysis: The degrees of mistreatment by regulatory institutions were evinced by the events that happened with WIRECARD, especially in cross-border fintech operations internationality. Despite being a major player in the fintech market, Wirecard escaped stringent oversight for years, and that lapse has brought major attention to the problems of regulatory frameworks and enforcement capabilities in that regard.The late response from regulatory bodies like BaFin created doubts about the efficiency of their financial institutions regulations preciseness and quick reactions to irregularities.

b) Complexity and Technological Challenges: The technological advancement in fintech and the dynamic relationship between financial products and commerce have thwarted auditing and the regulatory authorities. Wirecard concealed the financial irregularities with its clever cover of advanced technology, operating the old save loopholes in traditional audit processes regardless of the level of risk involved. The ambiguity that hides digitized payments and offshore personalities is only adding to the complexity of regulators investigations; hence, it is essential that appropriate and advanced regulatory frameworks and analytics are in effect.

Corporate Governance Procedures and the Role Played in the Management Structuresa) Board Independence and Oversight: An audit of Wirecards governance will show deteriorations in the companys board independence, skill, and oversight functions. The centralization of power at the top of the executive hierarchy and the absence of respective ways of control and check empowered the widespread corruption to be uncontrollable. The boards committees, like audit and risk committees, which didn't challenge management and did thorough due diligence, can be seen as a lasting weakness of the governance structure.

b) Risk Management and Internal Controls: Wirecard's anti-governance errors include the issues of risk management and lack of internal control; these are among the weakest. Improper allocation of duties, the non-existence of whistleblower protections, and incomplete financial reporting had created an atmosphere favoring fraudulent acts that escaped detection for a long time.Risk assessment frameworks and compliance mechanisms were scanty; this further created weaknesses in the governance structure.

Variety of Stakeholders' Viewpoints as well as the Ethical Obligationsa) Survey Insights: Analyses through after-Wirecard scandal polls among finance professionals suggest common agreement about the time for significant governance changes. Participants underscore the public role in governance by talking about engagement, honest leadership, and transparency, which are the three fundamental pillars of governance. Considerations about regulatory complacency, conflicts of interest, and if there is any risk disclosure have now become more important than ever before, which explains why there is a need for holistic governance frameworks.

b) Expert Recommendations: Views conveyed by governance analysts encourage the transition from the present government system to a more stakeholder-oriented kind. Experts convey the major role that independent board oversight, a well-assembled risk management structure, and rigorous regulatory interventions can play for this purpose. Ethical conduct, accountability, and creating sustainability emerge as basic tenets for the building of such a governance environment.

Corporate Governance in a Transformative Statea) Dynamic Governance Frameworks: The Wirecard case highlights the limitations of a static and compliance-driven government system to respond to new and complex risks by establishing dynamic government models that adapt to changing risks and technology environments. Using quick data analysis, implementing AI-driven surveillance technologies, and even using transparent block chains can increase fraud protection and strengthen accountability.

b) Stakeholder-Centric Approach: The governance structure that focuses on the major shareholders, staff, customers, and investors is the stakeholder-centric ethos that should be put in place rather than the maximization of short-term profits. Transparent communication, inclusive decision-making processes, and ethical leadership skills development result in high levels of trust and resilience. This is done mainly to enhance governance and make organizations reputations strong.

c) Regulatory Reforms: The sharing of experience, knowledge, and joint efforts of the regulators, stakeholders in the industry, and experts will determine the outcomes of reforms that will have significance. Aligning existing international standards, enhancing cross-border cooperation, and imposing strict disclosure regulations on complex financial transactions develop an environment that is understood by perpetrators as important and, therefore, discourages them from fraud.

Assumption and Future DirectionsThe Wirecard scandal is a warning call that, particularly in the instance of advanced technology and a much more connected world, a thorough reevaluation of corporate governance models is imperative. Article reviews of regulating systems, governance thinking, and stakeholder experience make it obvious that a good governance model is grounded in proactivity, transparency, accountability, and better leadership behavior. Through a shift towards more adaptable governance trends and creating a culture of reliability and stakeholder participation, businesses can manage behavioral vulnerabilities, avoid risks in governance, and achieve sustainable wealth creation. In future research and in practice, delving into new governance solutions, utilizing the arising technologies for better oversight, and establishing ties among the governance, finance, and technology disciplines will be among the key tools shaping the desired outcome of a robust governance community that is flexible for the complex modern business landscape.

Recommendation and Action Plan for Enhanced Corporate GovernanceThe point of corporate governance is to make sure that companies do not exist in an environment of opaqueness, accountability, and a lack of ethical conduct. Based on the discussions and findings from the literature review, empirical study, and critical analysis of the Wirecard debacle, this chapter proposes all-encompassing remedial measures concerned with the reform of corporate governance mechanisms. The recommendations are multi-faceted and range from regulatory undertakings to technological sophistication and the cultural paradigm shift needed to neutralize the effect of future scandals and boost governance capacity.

Strengthening Regulatory Frameworksa) Harmonized International Standards: Involve the major international regulatory institutions, such as the International Organization of Securities Commissions (IOSCO) and the Financial Stability Board (FSB), in the process of developing and implementing harmonized standards of financial reporting, auditing practices, and overview mechanisms, as well as in forming policies and action plans on issues of pressing importance.To that effect, the prescribing of uniform and rigorous regulations across borders will largely impede fraud and enrich investor protection.

b) Enhanced Enforcement and Penalties: Equip and strengthen investigation agencies by enhancing their capacities to investigate in real-time while being able to speed up enforcement procedures against corporate malpractices. A severe penalty system that increases the liabilities each time a violation occurs is to be created by adopting modes of deterrence that include, for instance, fines, criminal prosecutions, and sanctions for known cases of fraud.

Technology as a game-changer in the context of governance qualitya) AI-driven Audit and Monitoring Tools: Provide an injection of capital into advanced data analytics, artificial intelligence (AI), and machine learning (ML) algorithms for use in the augmentation of audit processes, the detection of anomalies and irregularities in financial transactions, and identifying red flag indicators of fraud or any other form of criminal activity. Integrate real-time monitoring systems to improve probe control and proactive, risk-based management.

b) Blockchain for Transparency: Find out what blockchain for trustworthy and traceable transaction records as well as immutable auditing trails may be about.Leverage blockchain-based smart contracts as checks and balances for digital verification and decentralization of financial data, thus reducing opportunities for manipulation or falsification of financial information.

To strengthen ethical culture and foster stakeholder engagementa) Ethical Leadership and Governance Training: Provide a comprehensive training program to the board of directors, executives, and personnel whose objectives will be to enable them to make ethical decisions, corporate values, and governance best practices.Instill the culture of ethics, honor, and honesty in the leadership and competent persons at different levels of operation.

b) Whistleblower Protections: Build up strong whistleblower protection mechanisms, collect them under the same umbrella, such as anonymous platforms, regulation, and legal protection against retaliation, and give the option of independent committees to investigate reported concerns.Engender a sense of openness in your organization that allows for the discussion and resolution of ethical concerns without the fear of punishment.

Server parse the board and management.a) Independent Board Committees: Reinforce the autonomy and proficiency of board committees, mainly those focused on audit, risk, and governance, by having external committee members with credible experience from the same industry. Make sure to always carry out a thorough and vigorous examination of the board, which should assess its effectiveness, diversity, and consistency with the strategic objectives.

b) Risk Management Frameworks: Reinforce risk management systems through feasibility research, risk planning activities, simulation tests, and bank stress tests in financial, operational, and regulatory risk areas. Include risk management components into project planning measures and develop action plans in terms of risk indicators.

Open and Responsive Communication and Transparencya) Transparent Reporting and Disclosure: Improve transparency through comprehensive transparency in financial reporting, disclosures, and stakeholder communications to achieve this objective. This includes uniform and unambiguous financial reports and in-depth explanations of financial performance, as well as disclosure of the risks and uncertainties.

b) Engagement with Shareholders and Communities: Establish productive participation and stable communication lines with shareholders, institutional investors, and community stakeholders through the organization of regular meetings, disclosures on ESG (environmental, social, and governance), and dialogue sessions with the stakeholders. Develop a stakeholder feedback mechanism during short- and long-term decisions to create a transparent environment and uphold sustainable value.

All-the-time monitoring and stabilizationa) Performance Metrics: Set KPIs and benchmarks that will measure how the effectiveness, quality of financial transactions, and stakeholder satisfaction of the government system are performing. While tracking and reporting these metrics to the board, management, regulators, and investors is important, it is essential to be transparent, accountable, and aim for high standards.

b) Independent Audits and External Reviews: Organize regular independent audits and increased due diligence sessions, involving the evaluation of the present governance processes, internal control systems, and compliance framework. Leveraging the external expertise to help the corporation pinpoint blind spots, evaluate the maturity level of governance, take corrective action, and implement actions as needed.

However, taking into consideration all of the above recommendations, a corporation is able to become robust from the point of view of its governance, to regain the trust of its stakeholders, and to reduce the chance of recurrent crises. Together, regulators, boards, top management, and workers can achieve a culture whose marketer will be integrity, transparency, and sustainable value creation, thus reflecting the dynamics of todays business environment.

Chapter Three: MethodologyResearch MethodThe descriptive research method fits perfectly since it is profoundly intended for a complete analysis of the governance issues that became obvious in the Wirecard fraud case. The process shall be utilized because of its potential to provide a grounded, naked, and substantial factual portrayal of unique situations, occurrences, or events. According to Dehalwar and Sharma (2023), the key focus of descriptive research is to provide an accurate portrayal of these issues and, therefore, a concise summary of the datas crucial features, which is followed by an analysis of patterns and trends within the data. This is the reason descriptive research is the key to the research on the destruction of the governance of Wirecard. At the same time, this type of research helps researchers identify every area of governance in the company in detail. This investigation deals with all levels of government, including models of risk management strategy, internal controls, ethical leadership, and other aspects related to this scandal. By providing the necessary structure, organization, and interpretation, the research can point at the sources of such problems, fix the occurrences that keep coming, and highlight the development of the leader's personality that fails.

One of the strong points of descriptive research is the fact that it can offer a sharp and well-defined picture of some definite point in time. For the Wirecard case, referring to pre-, during-, and post-disaster governance is vital to presenting the governance landscape before, during, and after the scandal, yielding information that would determine the evolution of practices and response to regulations. This approach provides for comparison across different phases of the governance process in the case of Wirecard. This allows for understanding the dynamics that were the hallmark of the scandal and the subsequent changes and upgrades to the governance framework. Moreover, descriptive research aids in the recognition of individual governance failures, institutional problems, and cultural aspects within Wirecard, helping to come to a scandal conclusion. This technique helps scholars go beyond the superficial ones and go deep enough to be able to trace systems such as governance structures, decision-making processes, incentives, and ethical frameworks that have made the governance practices at Wirecard what they are. Utilizing the explanatory research method, this study aims to make an important contribution to the grasp of the corporate governance failures within the framework that developed in such high-profile corporate allegations as Wirecard. The threads of information unleashed through this methodological framework not only help in analyzing what went wrong but also provide details so companies can improve their governance frameworks and up their transparency, accountability, and code of ethics.

Data TypeQualitative data will be the main resource for the survey, which will be used as a baseline and to measure pre-test responses from participants on their opinions, experiences, and perceptions concerning corporate governance and the situation with the Wirecard scandal. Quantitative information is the one that has been characterized by numerical measurements and statistical analysis. The data provides an objective and measurable understanding of issues related to different aspects of governance, such as risk perceptions, ethics, and stakeholders roles. The use of a questionnaire with a certain structure keeps the consistency of data collection maintained, through which the survey process can be given a systematic approach by making it easy to collect the responses of the participants. This datatype enables researchers to quantify governance effectiveness, pinpoint problems that commonly arise or emerge, analyze the factors or patterns that prevail, and make generalizations based on the data. Data analysis methods such as descriptive statistics, inferential statistics, correlation analysis, regression analysis, and factor analysis are some of the techniques that can be utilized to get an in-depth understanding of what is obtained from the data. Through these investigations, the possible interaction between different dialogues can be observed, as well as the main drivers of governance effectiveness or inadequacy of governance and a justification or refutation of the hypotheses or implied research questions.Furthermore, the works of quantitative researchers include presented programs that are available on a large scale, making data analysis efficient and generalized conclusions applicable to governance practices within organizations. Through the use of advanced statistical practices, the research aims to provide empirical evidence that is needed for making recommendations on improved governance structures and the measures that are required for the wire card case.

Sampling Method and SizeThis research will get its start from purposive sampling as a method of sampling, with a specialization on the stakeholders who are directly connected with the organizations governance processes, most importantly the Wirecard breach.Intentional sampling will aim at involving participants that are specific to the given criteria with respect to the research objectives; moreover, it will be quite suitable in that a sample consisting of diverse perspectives and governance expertise is drawn. The sample size of the study will be decided on the basis of statistical calculations, including power analysis. This will enable us to have a sufficient number of participants so as to be able to measure, detect, and correlate meaningful effects or trends in the data. Because the accurate sample size depends on the kind of statistical techniques and the nature of the research, recent studies will be carried out by following a rigorous process, which will be very helpful in achieving credibility and validity. The term' stakeholders' covers a broad range of people who are introduced in the study. These individuals may include members of the board, executives, auditors, regulators, shareholders, and experts from various industries who can provide a unique perspective on the challenges associated with governance structure and practices in the business world. In this regard, the study purposefully selects the interviewees with the appropriate background in the area, spanning from specialists to victims of the Wirecard disaster, with the aim of having a rich picture of the situation and making practical governance reform recommendations.

Target PopulationThis research population that participates directly in the decision-making, accounting, and risk control procedures involves staff who work in the finance department of the Wirecard organization. This is in line with the objectives of this population, which means it will help reveal the details of their experiences, the way they see the issues, the obstacles they faced, and their views on the adequate standards of the government, accounting policies, and the rules of ethics during the Wirecard scandal. While employees in the finance department are mainly responsible for overseeing both financial transactions and their compliance with regulations, as well as the propriety of these transactions, they are also dedicated to upholding ethical standards. Their feedback on issues such as economic governance architecture, risk management systems, internal control mechanisms, and ethical principles is of great assistance to the company since it helps in the identification of core problems, areas, and ethical considerations, as well as the best solutions for resistance against governance risks and the improvement of transparency and accountability in the company. Through interacting with the target group, the research seeks to collect qualitative and quantitative data that enables the identification of challenges and possibilities in governance through the lens of the insolvency of the company, as well as the scandal of the Woodcard Process. Studying the mindsets and anecdotes from the financial experts in Wirecard presents a full picture of the research findings, which can then be applied to come up with reasonable suggestions that solve the corporate governance issues, with the aim of establishing effective corporate governance frameworks.

Data SourcesThe main data source for this study is a survey questionnaire given to a select few people working at Wirecard. The questionnaire will be outlined in a structured manner in order to allow for quantitative survey responses that will only concern governance perceptions, practices, challenges, risk management, ethics, and the roles of stakeholders within the company. The tool will undergo field testing and validation for the reasons of its reliability and validity with regard to useful data components. For example, secondary data sources will be used in combination with the literature, industry reports, regulatory filings, and news articles to provide more context, background findings, and comparative analysis. Such sources allow us to define the governance issues and best practices for the establishment of a new industry.Utilizing secondary data sources not only fills the account, giving it depth and width, but also offers historical data, industry benchmarks, regulatory statistics, and comparative case studies such as Wirecard's corporate governance scandals. By using the research processes that simultaneously blend the primary and secondary data sources information, the scholars create the basis for the triangulation of findings, the validation of hypotheses, and the development of a detailed picture of the existing governance problems and possible solutions for the post-Wirecard scandal governance. The analysis, which combined different data sources, will increase the iron clad ness and quantifiability of the results and might be used by the management board and further organizations to make better governance decisions.

Data Analysis MethodsA survey report on Wirecard in our company, where we will use Excel for conducting the data analysis and follow straightforward ethics, which is a core value in the research process. Since we are diving into this analysis process, it is important to ensure that every phase is ethically acceptable and that the rights of competitors as well as their privacy are respected during the scandalous times of the Wirecard company, since the issue is quite sensitive. Getting informed consent from both participants and workers when it comes to Wirecard is the foundation of that particular study. The participant understands that this process is there to make sure they understand the reason for the study, how the data collected would be utilized, whether they have any rights regarding their personal data, and, also, the possible risk they could be exposed to.Openness in communication supports trust and provides employees with the right information to keep them involved in the trial; the quality of the relationship between the company and its staff as well as that of the study will be improved by this.When data collection is over, making sure the data is genuine and secure becomes the commonly recommended follow-up step. Encryption methods may be applied, e.g., to guard against unauthorized access while information is in storage or transmission. Access to data restrictions should be applied only to authorized personnel, and protocols regarding unauthorized access or leaks should be formulated. Safeguarding data storage practices involving password protection and the use of reinforced databases helps eliminate data breaches and improve data integrity. The analysis of data with Excel, of course, should involve effective measures to detect errors, typos, etc. during data entry. This entails validating the accuracy and reliability of the acquired data to make certain that the analysis for providing insights and the conclusions lead to trustworthiness for the data. Techniques like data verification, outlier identification, and data reconciliation with internal data sources serve to ensure data safety and integrity.

Ethical ConsiderationIn Wirecard, ethics also include the analysis of data approaches that tie up with the research integrity, staff privacy issues, and beliefs of the organization.

Data privacy and confidentiality are the most important ethical roles, as most people's data is highly confidential. The Wirecard scandal is no exception. The strategies observed by the management comply with the security protocols, which lead to the protection of employee data from unauthorized use, access, or breaches. Encryption, restrictions on access, and storage protocols should be stringently implemented to ensure that there is no information leak, the confidentiality of the company, and the trust of the employees.

Settled Ethical approval and judicious adherence to the media code of ethics are what matter. Here, the research plan should be submitted in the format of the study protocol, emphasizing the methods, goals, data processing, and privacy-protecting measures, to corresponding ethics committees or review boards within Wirecard. Ethical review creates a secure environment in which research activities are done in line with the policies of the company, individuals rights are well protected, and potential risks are eradicated.

The significance of employee knowledge is huge, and that is why it is vital that employees give their consent again within the wirecard. Transparent and readable information regarding research, data usage, privacy protection, and voluntary participation should be disseminated to the employees. Consent should not be forced on anyone but rather voluntarily, without any sort of coercion, and employees should have the right to terminate their participation in the study without threat of any retaliation or penalty.

Perpetual ethical reviews and evaluations within Wirecard are an embodiment of standards that work to ensure the correctness of ethical undertakings. Ethical problems or issues in the course of the study should be addressed timely and transparently; this will show the ethical behavior of the organization and increase the trust level of the employees.

Gantt Chart/Timeline ChartI came up with a Gantt chart or bar chart that is specific to the wirecard's situation and that outlines the time duration for each milestone, task, time, and its dependence. These visual maps act as an effective management tool for resource allocation, project planning, and status information about the Wirecard scandal in line with the Wirecard organization's distinctive requirements and the challenges emanating from the Wirecard scandal.

Some of the landmarks found on Wirecard's timeline are getting due internal ethical approvals, designing and deploying the survey instrument, analyzing data safely and securely, interpreting results within Wirecard's organizational settings, and writing internal reports or presentations and executing any such recommendations.

Continuous monitoring of the findings' relevance and adaptation of the timeline are needed by the researcher to keep the study synchronized with the company's objectives and due dates. Regular communication within the research team with the stakeholders and departments affiliated with the company Wirecard bridges gaps, providing working space and ethics-based relationships during the research itself as well as the challenges the company faces.

ConclusionThe Wirecard scandal should be an illustration of great caution favorable to the robust governance systems that are put in place to protect shareholder interests, guarantee financial integrity, and foster long-term value creation. The last line of my conclusion sums up the essential views, recommendations, and implications of the paper after a thorough analysis that examines each and every function of corporate governance, further upgrading it post-Wirecard. Wirecard AG, a formidable company of modern business ethics and practices, is on the jacket of its journey from a dazzling success to a devastating failure. From its being at the peak of game-changing fintech innovation to how Wirecard, which skyrocketed as a fintech innovator and then collapsed to pieces because of large-scale fraud and corporate governance failure in the end, shows us the vulnerability of the system that threatens investors trust, regulatory oversight, and the confidence of stakeholders.

The clear evidence and the current literature review show a major oversight on the part of corporate governance mechanisms, regulating structures, and overseeing bodies. The shortcomings are that the BoD has a low level of independence and supervision, the banks show poor risk management functions, there is low transparency in financial reporting, and there is a there is a lack of regulation when dealing with the new and emergent risks from the upcoming of new technologies and complex financial products. The activity plan in the outlined paper proposes a multifaceted approach aimed at defending corporate governance resilience and restoring the trust of stakeholders. The recommendations should cover, amongst others, regulatory reforms, auditing and oversight tools driven by technology, the formulation of an ethical culture, engaging with stakeholders, as well as monitoring and evaluation mechanisms. Recommendations intend to produce comprehensive governance that is well-adapted to the current challenging times, serves all stakeholders, and does not merely refer to routine inspection results. The paradigm set out is in accordance with ethical leadership, openness, transparency, and accountability that should prevail in all organizations. Integrated technology innovations, like AI in audit processes, blockchain for transparency, and real-time monitoring systems, can add to the effectiveness and skills of control authorities in detecting irregularities. Moreover, nurturing a culture of ethics, whistleblowers protection, and promoting stakeholder engagement can perform the role of a fortification in a crusade against wrongdoing by organizations and managing reputational risks.

An effective governance reform ideally comes from the collaborative involvement of various regulators, industry players, experts, and academics. Many multilateral actions and efforts come into play on this front, such as adhering to international regulatory standards, scaling up cross-border cooperation, and strengthening good governance through education and training programs for governance excellence. The area of corporate governance keeps advancing and developing; thus, it needs periodic improvement, adjustment of the control mechanisms towards new risks, and a proactive reaction to market trends. As part of this journey, it brings up points like creating feedback loops, doing regular audits, and conducting benchmarking against industry standards; it should be an enabler of innovative governance technologies. Into the future, a resolution of sustainable value delivery depends on a solid base of integrity, honesty, and ethics. Companies that give stakeholders' interests premiums, embed ESG elements into governance matrices, and put into focus the creation of long-term values tend to be those that manage to grow and survive in the setting of a technology-dominated, fast-changing business environment today. First of all, the wirecard scandal is considered a stimulus to governments, business corporations, and regulators worldwide for the availability of introspection, reform, and innovation in corporate governance. Organizations can not only have due diligence to avoid the risk of future scandals but will also be able to seize the chances of growth, resilience, and value creation, opening up the way to a new era of prosperity in the modern world by implementing the proposed measures and encouraging the governance excellence process.

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Module code and title: BM628 Corporate Strategy and Governance Module leader: Assignment No. and type: CW1: Report: Individual 6000 word written report with action plan Assessment weighting: 100%

Submission time and date: Proposal formative - March 2024

Report Summative by May 2024 2pm UK time Target feed

back time and date: 3 weeks after deadline

Assignment task

This assignment requires you to produce an initial proposal of 1000 words (Formative) about a topic you would like to write about in your final report. You are required to discuss the topic with your module tutor and receive approval before commencing the initial proposal. Please note that, the formative (proposal) element does not go into your final grading, but it is a requirement before you can submit your final report (summative) as the final report will be based on the proposal.

FORMATIVE (1000 words)

Produce a formative assessment of 1000 words identifying an issue or problem in corporate governance or strategy in an organisation of your choice.

You are recommended to use your own organisation, but you may use any organisation that is well known to you. Please ensure that you receive approval from your module tutor regarding your case study organisation.

The proposal should explain why the issue or problem you have identified is important. There should also be a brief literature review about the area of proposed research as well as details of the methods to be used for both primary and secondary research.

The proposal will include a Gannt chart showing the projected start and finish of the final summative project.

SUMMATIVE (6,000 words)

Based on the feedback you will receive from the formative assignment; you are to produce a 6000- word report which should include the following:

An introduction that reviews the background of the organisation and the issues or problems faced.

A literature review that discusses the key areas of theory applicable in this case.

A discussion of the secondary and primary research undertaken to analyse the problem or issue.

A critical review of the results of the secondary and primary research.

A recommendation and action plan that proposes solutions to the problem of issue based on your findings.

The summative assessment should include the following:

Introduction, background of organisation and review of the problem faced. 500 words.

Literature review. 2000 words

Discussion of the secondary and primary research undertaken. 1000 word

Critical review of the results of the research. 1500 words

Recommendation and action plan. 1000 words

This assignment has been designed to provide you with an opportunity to demonstrate your achievement of the following module learning outcomes:

LO 1 LO1. Critically evaluate the industry life cycle of a chosen organisation and reflect on the existing corporate strategy

LO 2 Compare and contrast the boards corporate governance structure and effectiveness.

LO 3 Prepare a board crisis action plan for a natural disaster of unforeseen event of catastrophic proportions.

LO 4 Critically analyse a corporate governance failure and suggest actions that can be taken to reduce or eliminate and similar such occurrences from happening in the future

LO 5 Critically analyse the various methods of data collection in order to conduct research into complex organisational issues using both primary and secondary research techniques.

Task requirements

Use font size 11 with 1.5 line spacing.

Insert page numbers at the bottom of each page.

You must have a cover sheet with your student ID, Name, and word count.

The aim of the assignment is to produce an individual written report with action plan.

The assessment consists of two parts. There will be one formative assessment and one summative assessment.

The formative assessment will consist of a proposal comprising a 1000-word report. This report will include a brief introduction to the issue or problem in corporate governance and strategy in a specific organisation along with a discussion of why the issue is important. Students will be required to produce a brief literature review about the area of proposed research as well as the details of the methods they will use for both primary and secondary data collection. As part of the formative assessment, students will be required to produce a Gannt chart showing the projected start and finish dates of the final summative project.

Feedback from the formative assignment will prepare students for the summative assessment.

A full individual report of 6000 words will be required for the summative assessment. This will include an action plan and recommendations to the management within the organisation of how the problems are to be resolved.

This assessment will be used to assess the research skills and ability of the students to develop detailed action plans to address real life scenarios based on earlier research and analysis.

This assessment method is used to develop and assess research skills, independent working and critical thinking to evaluate the strategic and corporate governance capabilities of an organisation (LO1, LO2, LO3, LO4, LO5)

All assessment is undertaken through application of the criteria and weightings outlined on the Module Descriptors.

Feedback is written and provided via Turnitin in accordance with University Regulations. Students are given an opportunity to reflect on feedback. Self-assessment becomes an important part of the students development during the course and is implicit throughout the tutorial and critique system. The opportunity for disagreement and reasoned justification of student work is present throughout the assessment method.

Practicalities: Referencing, presenting, and submitting your work

Please see your programme handbook for information on the standard referencing style, presentational requirements and process for submitting your work.

Please reference your work according to the Harvard style as defined in Cite Them Right Online (http://www.citethemrightonline.com). This information is also available in book form: Pears, R. and Shields, G. (2019) Cite them right: the essential reference guide. 11th ed. Basingstoke: Palgrave Macmillan. Copies are available via the University library.

Confidentiality

You are expected to take responsibility for maintaining and managing confidentiality issues in your work. You should maintain and respect confidentiality in relation to the protection of personal, technical and/or commercial information of a sensitive nature in your assessed work, whatever the format.

For further information and guidance, please see the relevant section in your programme handbook.

Academic integrity

Academic integrity means taking responsibility for your own work.

When you submit an assignment, you are making a declaration that it is your own work and that you have acknowledged the contribution of others and their ideas in its development (for example, by referencing them appropriately).

For further information and guidance, please see the University website: https://www.bnu.ac.uk/current-students/registry-helpdesk-and-academic-advice/academic-integrity-and-misconduct

How your work will be assessed

Your work will be assessed against the assessment criteria which have been provided at the end of this brief.

These criteria have been designed specifically for this assignment and are intended to measure the extent to which you have demonstrated your achievement of its associated learning outcomes (see above). They have been aligned with the institutional grade descriptor appropriate for your level (Level 6)

The assessment criteria provide a basis for fair and consistent marking and indicate what is expected of you in this assignment. It is strongly recommended that you engage with them while you are working on the assignment and use them in combination with any feedback you receive once your work has been marked to help you plan for future learning and development.

Grade band Fail Fail Pass Pass Pass Pass Pass

0-34 (F)

Fail 35-39 E

Marginal fail 40-49 (D)

Third class THRESHOLD PASS 50-59 (C)

Second class 2ii 60-69 (B)

Second class 2i 70-79 (A)

First class 80-100 (A+)

High first class

Not successful Below required standard Satisfactory Good Very Good Excellent Outstanding

Knowledge and

understanding (20%)

Depth of knowledge and understanding

Engagement with subject-specific theories, paradigms, concepts, and principles

Background investigation, analysis, research

The work demonstrates a limited and/or substantially inaccurate or no understanding of the following:

Background information about the company, industry

Introduction to the topic and how this is situated in academic literature

Engagement with concepts and theories relevant to the chosen topic and area of research

Formulation of research objectives, questions and aim(s)

General understanding of the project

The work demonstrates insufficient ability and understanding of the following:

Background information about the company, industry

Introduction to the topic and how this is situated in academic literature

Engagement with concepts and theories relevant to the chosen topic and area of research

Formulation of research objectives, questions and aim(s)

General understanding of the project

The work demonstrates sufficient ability and understanding of the following:

Background information about the company, industry

Introduction to the topic and how this is situated in academic literature

Engagement with concepts and theories relevant to the chosen topic and area of research

Formulation of research objectives, questions and aim(s)

General understanding of the project

The work demonstrates consistent and confident ability and understanding of the following:

Background information about the company, industry

Introduction to the topic and how this is situated in academic literature

Engagement with concepts and theories relevant to the chosen topic and area of research

Formulation of research objectives, questions and aim(s)

General understanding of the project

The work demonstrates highly proficient ability and understanding of the following:

Background information about the company, industry

Introduction to the topic and how this is situated in academic literature

Engagement with concepts and theories relevant to the chosen topic and area of research

Formulation of research objectives, questions and aim(s)

General understanding of the project

The work demonstrates highly accomplished ability of the following:

Background information about the company, industry

Introduction to the topic and how this is situated in academic literature

Engagement with concepts and theories relevant to the chosen topic and area of research

Formulation of research objectives, questions and aim(s)

General understanding of the project

The work demonstrates exceptional ability of the following:

Background information about the company, industry

Introduction to the topic and how this is situated in academic literature

Engagement with concepts and theories relevant to the chosen topic and area of research

Formulation of research objectives, questions and aim(s)

General understanding of the project

Analysis and

criticality (35%)

Logic and argument

Use and range of independently selected sources

Analysis and synthesis

The work demonstrates a limited and/or substantially inaccurate or no understanding of the following:

Critical analysis of the content in the literature review, methodology findings and throughout the report with relevant literature

Devise and sustain arguments

Coherence and synthesis

The work demonstrates insufficient ability and understanding of the following:

Critical analysis of the content in the literature review, methodology findings and throughout the report with relevant literature

Devise and sustain arguments

Coherence and synthesis

The work demonstrates sufficient ability and understanding of the following:

Critical analysis of the content in the literature review, methodology findings and throughout the report with relevant literature

Devise and sustain arguments

Coherence and synthesis

The work demonstrates consistent and confident ability and understanding of the following:

Critical analysis of the content in the literature review, methodology findings and throughout the report with relevant literature

Devise and sustain arguments

Coherence and synthesis

The work demonstrates highly proficient ability and understanding of the following:

Critical analysis of the content in the literature review, methodology findings and throughout the report with relevant literature

Devise and sustain arguments

Coherence and synthesis

The work demonstrates highly accomplished ability of the following:

Critical analysis of the content in the literature review, methodology findings and throughout the report with relevant literature

Devise and sustain arguments

Coherence and synthesis

The work demonstrates exceptional ability of the following:

Critical analysis of the content in the literature review, methodology findings and throughout the report with relevant literature

Devise and sustain arguments

Coherence and synthesis

Application and

Practice (30%)

Development and/or application discipline-specific specialist skills

Accuracy, coordination, and proficiency in completion of practical tasks/processes

Presentation of research findings and use of data

The work demonstrates a limited and/or substantially inaccurate or no understanding of the following:

Application of findings and ability to analyse findings and explanation of the implications of findings in relation to theories, literature etc.