Notes on a Scandal: Lessons in Operational Risk Management from Société Générale

Sponsored By Diamond Management & Technology Consultants

Topics:

Banking & Capital Markets > Investment Banking

Finance & Risk Management

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Abstract:

Lightning can, in fact, strike twice and banks that want to avoid being rocked by a Société Générale-scale fraud incident need to move beyond stop-gap measures and build a culture of operational risk management. This report examines facts that have emerged thus far from the Société Générale situation, and the probable causes of fraud point to deficiencies in operational risk management. While details are still surfacing, Société Générale, or SocGen, appears to have lacked three essential ingredients in establishing a resilient operational risk environment: automated processes, an internal controls culture, and strong IT access controls. Banks that grasp the business and technology details of these primary operational risk management elements will lead the pack in managing fraud risks.

DETAILS

Sponsored by: Diamond Management & Technology Consultants

Posted: March 27, 2008

Length: 8 pages

Format: PDF (1268 kb)

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