By Andrew Waxman

Reduce or hinder threat failure losses with new and rising technologies

Rogues of Wall Street analyzes the hot probability disasters and blunders that experience crushed Wall highway for the earlier decade. Written via a veteran danger, compliance, and governance professional, this ebook is helping financial institution leaders and specialists establish the instruments they should successfully deal with operational hazard. bringing up sorts of danger occasions corresponding to: Rogue and Insider buying and selling, cyber safeguard, AML, the personal loan drawback, and different significant occasions, chapters within the first 1/2 the publication element every one operational hazard kind besides its causative and contributing components. the second one 1/2 the ebook takes an overarching method of the instruments and ideas on hand to monetary associations to regulate such occasions sooner or later. From know-how, to tradition, to governance, and extra, this booklet does greater than easily determine the problem—it offers real-world recommendations with actionable insight.

Expert dialogue identifies the instruments monetary associations have at their disposal, and the way those instruments should be leveraged to create an atmosphere during which catastrophic occasions are avoided or mitigated. In-depth perception from an expert presents thought-provoking assistance for leaders looking more beneficial threat administration, and particularly addresses how to:

  • Analyze significant operational danger incidents and their underlying causes
  • Investigate the instruments that let firms to avoid and mitigate catastrophic events
  • Learn how tradition and governance will be optimized to help powerful probability management
  • Identify ways that cognitive applied sciences might aid your company steer clear of losses

Cognitive applied sciences have the capability to revolutionize the way in which enterprise is finished; getting rid of the speed/cost/quality trade-off, those new and rising instruments are heralding the subsequent jump within the evolution of threat administration. Rogues of Wall Street exhibits you the way convey those instruments into your company, and the way they could give a contribution in your monetary success.

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Extra resources for Rogues of Wall Street: How to Manage Risk in the Cognitive Era

Sample text

Price Manipulation There are instances where traders are willing and able, on occasion, to manipulate the price of a traded security. Such instances are able to happen when securities are complex, hard to value, and are not traded on a public exchange. In general, of course, trading in marketable securities happens when people can agree on a price to execute a transaction. Most of the time, that price is broadly determined by an exchange and can be tested by analysts and traders on the basis of easily observable data in the market.

Little explanation was provided. My point in relating this story is to illustrate the little value typically associated with such functions as the CFO by the partners and portfolio managers. In addition, compliance functions may well be outsourced by hedge funds, and there is likely no independent risk management function or investment committee to speak of. The weakness of the leadership structure on the control side of the house would be fine, of course, if all hedge fund managers had the talents and ethics of a Warren Buffett.

Raising the bar in this area would, it is true, raise the cost of entry into the industry. However, while that might penalize a little the great and the good, it would also serve to filter out the bad and the ugly. Surveys appear to back up this view. 6 Nearly half of respondents (46 percent) believe that their competitors engage in illegal activity, while 35 percent say they have personally felt pressure to break rules. Of those surveyed, 30 percent have witnessed “misconduct” in the workplace.

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