Company: BCML
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001558370-25-007192
Chunk: 7

Company: BayCom Corp
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 4C
Chunk 7
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. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls may be circumvented by the individual acts of some persons, by collusion of two or more people, or by override of the control. The design of any control procedure is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.

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