Keep up your guard

Another bank fraud highlights the importance of having robust systems and controls

Another attempted fraud at a major global bank must have op risk and compliance managers reassessing their own systems and controls, or at least it should have. The fragility of market conditions and the uncertainty over bank subprime losses have created an ideal smokescreen for fraudsters to act undetected. Although in this case the fraudster has already been arrested, it is not yet clear how long the attempted fraud lasted or indeed how much was actually lost. This is just another event to