Cultural change prescribed in response to subprime losses

“Organisational culture and governance was one of the key failings in the subprime crisis,” declared James Lam, Boston-based president of risk consultancy James Lam & Associates.

On May 23, as part of a review following Jérôme Kerviel’s €4.9 billion rogue trade at Société Générale, auditing firm PricewaterhouseCoopers noted: “The general environment did not encourage the development of a strong support function able to assume the full breadth of its responsibilities in terms of transaction

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