Top 10 op risks: Failure to enforce internal controls

Top 10 op risks: Failure to enforce internal controls

Brought to book: Jérôme Kerviel’s activities resulted in losses of nearly €5 billion for SG

Under much recent legislation – the 2010 UK Bribery Act, for example – companies can use the existence of adequate controls as a defence, even when an offence has actually taken place. But the recent trial of UBS rogue trader Kweku Adoboli highlighted that adequate internal controls are useless if they are not maintained and monitored properly.

As well as the $2.3 billion loss that the bank suffered, and the immeasurable damage to its reputation, the failure of its own controls to stop Adoboli’s

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