How UBS reacted to Adoboli losses
In the aftermath of a $2.3 billion rogue trading loss, UBS overhauled its operations and set up a middle office for the first time
UBS reacted to its $2.3 billion rogue trading loss in 2011 by completely overhauling its risk controls and establishing its first middle office, the OpRisk Europe conference in London heard today.
Philip White, head of operational risk control frameworks at UBS, explained: "We established a middle office – we didn't really have a recognisable one in UBS up to that point. We moved all the
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