
CEBS analyses Kerviel’s op risk impact
Daily news headlines
LONDON – The Committee of European Banking Supervisors (CEBS) has published a results summary of its stock-take into banks and supervisors’ reactions to Jerome Kerviel’s $7 billion rogue trading scandal at French bank Société Générale reported in January.
The stock-take was taken with supervisors within the European Economic Area of how Kerviel’s fraud influenced rival banks’ advanced measurement approach implementation for Basel II capital requirements regulation, operational risk practices, governance and internal controls.
Banks emphasised the importance of personnel risk and that the fraud represented a broad failure of internal controls. Banks recommended an appraisal of incentivisation, increased senior management understanding of complex trading, fraud controls, and a risk management focus on extreme profit and loss capable areas of business.
Download the report here: http://www.c-ebs.org/publications/other.htm
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Operational risk
Regulation
French regulator questions need for share trading equivalence
Esma’s reinterpretation ahead of Brexit reduces need for equivalence system, says AMF official
Receive this by email