Friday, 29 March 2013

Going Rogue - UK

The systems and processes that banks and financial institutions run are known for being burdensome and bureaucratic. But while compliance has become a growth industry, risk management in financial institutions is perhaps as hard as ever, and as we now know it is not infallible. Indeed the repeated instances of rogue traders over the years shows the risks of workers going rogue in financial institutions. Be it Nick Leeson of Barings Bank, Jerome Kerviel of Societe Generale, or the others; the rogue trader is a risk that investment banks must be ever vigilant of. But others even point to the lead up to the global financial crisis as being tantamount to systemic rogue trading, with poor loans and lax risk management as key drivers of the crisis. Also in the documentary is an ex-Goldman Sachs desk manager who left to pursue a PhD in Neuro Economics - the study of psychology in financial markets. Indeed, it could be that the culture within investment banks encourage risk taking, and has a physiological impact on male traders. See also: Rogue Trader and 25 Million Pounds

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