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So we have had another massive loss at a major bank. The unfolding Société Générale loss may be the biggest (so far), but it is neither the first not the last. Jerome Kerviel seems set to join a notorious band of rogue traders such as Nick Leeson and Toshihide Iguchi. And the funny thing is that despite all the hand wringing and accusations leveled at its newly exposed rogue trader, the management of Société Générale fails to see where the real blame truly lies. Put simply on its own doorstep. As the evidence of this massive loss and its underlying circumstances begins to emerge one thing is eminently clear. The whole debacle can be blamed squarely on the failure of Société Générales Board and its Senior Management to take its operations risk management obligations seriously. Already, within days of the loss being discovered an abundance of anecdotal evidence has begun to emerge. Lets look at a few of these;
- The bank said that it tried on several occasions to make Mr. Kerviel take a few weeks off, but that it ultimately went along with his excuses for staying at work (breakingviews.com)
- The prosecutor also said that Mr. Kerviel admits to disregarding Société Générales trading rules but says others also flouted limits designed to contain risks to the bank. (Wall Street Journal January 29, 2008).
- was the IT drawbridge properly raised when he made his move out of the back-office and onto the trading desk in 2005? Clear segregation of back-office and front-office activities was one of the clearest lessons to emerge from the rogue-trading scandal at Barings Bank in 1995; at SocGen, those lines seem to have blurred. (Economist.com).
- Eurex, the futures exchange of Deutsche Börse, questioned the trading position of Mr. Kerviel last November. (Wall Street Journal January 29, 2008).
- Veterans of the futures markets are baffled about how Mr Kerviel got away with building up such a big position unnoticed. (Economist.com).
- Its board of directors and senior management, as appropriate, are actively involved in the oversight of the operational risk management framework,
- It has an operational risk management system that is conceptually sound and is implemented with integrity, and
- It has sufficient resources in the use of the approach in the major business lines as well as the control and audit areas.