Insufficient controls for insider risks, conference hears

Internal fraud and data theft threats growing, conference hears

fraud

Lagging control frameworks are leaving financial institutions open to insider threats, OpRisk North America in New York heard last week.

Joshua Kotok, a senior examiner in the office of operational risk oversight at the US Federal Housing Finance Agency, told delegates: "Control frameworks are not able to keep up with the challenges. A lot of financial institutions have IT systems that are aged and data that is unstructured, meaning it can't fit in rows and columns on an Excel spreadsheet."

He p

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