National culture can affect banks' operational risk

National interest

Michael Zeldin, Deloitte

In the wake of another multibillion-dollar rogue trading loss, the question of the root causes of fraud has surfaced yet again. As well as improved controls and trade monitoring, attention has already turned to the role of internal culture in promoting or preventing fraud and other financial crimes: the ‘fraud triangle’ consisting of rationale, opportunity and pressure has been widely discussed.

But banks also need to consider the importance of the external culture in which they operate –

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Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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