Confirmations in the spotlight

Back office

risk-0308-42-gif

As auditors, prosecutors and regulators continue to pick through the pieces of the EUR4.9 billion loss at Société Générale (SG), risk managers at rival firms are trying to make sense of how a trader could seemingly hide huge directional exposures on European equity indexes by entering fictitious trades into the bank's systems. Details released by SG suggest a massive breakdown in risk controls and processes - among them, a failure by the back office to confirm fictitious over-the-counter derivat

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: