FTG Digital Library
Welcome Guest. | Log In| Register | Membership Benefits
Insurance Tech Digital Library > Risk Management/Security >

Notes on a Scandal: Lessons in Operational Risk Management from Societe Generale

Source: Diamond Management & Technology Consultants
Date: February 2008
Type: White Paper
Rating: (0)
Save for Later
Email a Colleague
Rate This Asset
DOWNLOAD NOW

Overview: 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. Diamond Management & Technology Consultants examines facts that have emerged 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. Without these three elements in place, not even a 2,000-person risk division could stop a rogue trader, who is allegedly responsible for the loss of 4.9 billion euros at SocGen, the second-largest French bank.


Click here to download now

View all content from this source

Not what you’re looking for? Search again
Go Advanced »
VENDOR INDEX 0-9 | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Z
 

Featured Insurance Resources

BPM Done Right: 15 Ways to Succeed Where Others Have Failed
Don’t embark on BPM assuming your processes are working well. Ensure that you have relevant data on the effectiveness of processes before you automate their execution: Measure first.

State Filing Best Practices:
Technology, Process, and Organization -- Speed up the creation of regulatory filings, increase profitability and lower operating costs.

Solutions for insurance policy issuance
As insurance markets grow more competitive, customer service and customer experience become key ways for carriers to differentiate themselves. Learn how Adobe enterprise solutions can help insurers streamline and automate their entire insurance policy issuance process.

Insurance Webcasts