Rogue Traders

In ..... of the colossal loss at Society General caused by a rogue trader, banks are examining their control systems in an effort to prevent similar future disasters.

Banks will certainly start reviewing their internal controls to determine what they have set up to ..... events like the SocGen loss.

Society General tells us that it has already put in place further controls in order to prevent a recurrence of this particular type of ......

Banking institutions will likely be ..... on more bandages and plasters in order to keep their processes functioning.

Such efforts will probably prevent a precise ..... of the Society General disaster, but it will not likely hinder a similar activity from being executed in a different way.

The Francona loss was also the result of an over-..... trader's effort at cleverness.

The solution put forward to prevent such a recurrence was separation of duties to prevent both back and front office controls from ..... by the same individual.

Changes in approach and across cultures is required by financial institution control management; visibility across ..... information technology systems and across myriads of geographically diffuse employee activities is needed.

Possibly, the staff were attempting to manage their assignents beyond their capacity, like a freighter loaded so heavily that it sinks below its ..... line.

Increased understanding by everyone who is involved of ..... operational processes is most important.