How UBS reacted to Adoboli losses
Op risk framework head at UBS praises "front-to-back" model
UBS reacted to its $2.3 billion rogue trading loss in 2011 by completely overhauling its risk controls and establishing its first middle office, the OpRisk Europe conference in London heard today.
Philip White, head of operational risk control frameworks at UBS, explained: "We established a middle office – we didn't really have a recognisable one in UBS up to that point. We moved all the operations functions into one group operations department, because previously a lot of it was in front-line
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