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The Fox and the Henhouse

2008-01-28 15:02:17 by Burton Group in Security and Risk Management Strategies Blog
 
...traders Societe Generale apologized for the losses, and explained a three-day delay in announcing the fraud publicly by saying that bank officials needed time to unwind as many of the fraudulent positions as possible in order to limit the bank¹s losses Although Societe Generale did not identify the trader responsible for the fraud in their...
 
Tags: societe generale, societe generale begins, yesterday societe generale, societe generale appears, risk management lessons, risk management, risk management personnel, plain vanilla futures, apparently
 
 
 
 
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The Fox and the Henhouse

2008-01-28 15:02:17 by Burton Group in Security and Risk Management Strategies Blog
 
...traders Societe Generale apologized for the losses, and explained a three-day delay in announcing the fraud publicly by saying that bank officials needed time to unwind as many of the fraudulent positions as possible in order to limit the bank??s losses Although Societe Generale did not identify the trader responsible for the fraud in their...
 
Tags: societe generale, societe generale begins, jerome kerviel, kerviel, yesterday societe generale, apparently, bank apparently, bank, prevent kerviel
 
 
 
 
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Are fund managers really overcompensated?

2006-08-11 07:55:00 by Jomni in Risk Management Quant
 
...Trader Weeden & Co Tags: finance investing hedge funds CFA
 
Tags: hedge funds cfa, hedge funds, managers, funds, hedge fund fees, forces, hedge fund, competition forces fees, fees
 
 
 
 
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What Constitutes A $7B Control Failure?

2008-01-25 16:01:33 by Chris McClean in Security & Risk Management
 
...trader at Frances Société Générale who has apparently confessed to fraudulent trades resulting in an estimated loss of roughly $7.2 billion In further coverage , we hear that the bank has apologized to share holders, filed legal claims against Kerviel, and promised the public that the incident does not suggest any larger issues with the...
 
Tags: wall street journal, control failure, risk, 31-year-old jrme kerviel, companys risk management, story, kerviel, story reminds, coverage
 
 
 
 
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When it comes to security, chaos may be your friend

2008-01-29 00:00:00 by Andreas M. Antonopoulos in Network World on Security
 
Viruses and other malware are getting better at evading antimalware systems despite the sophisticated behavioral-analysis systems that are used to detect them. This week a rogue trader in France was able to hide a growing loss until it reached $7 billion and was impossible to hide. What do these two events have in common? Both exploit the...
 
Tags: antimalware systems, systems, hide, rogue trader, evade detection, week, malware, exploit, billion
 
 
 
 
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Forgotten IT chores may have led to bank meltdown

2008-02-04 00:00:00 by HASH0x8b3caa8 in Network World on Security
 
The huge losses reported by French bank Société Générale, apparently caused by a rogue trader with inside knowledge of the bank's procedures, don't necessarily point to an IT systems failure but rather to poor management of those systems, analysts say
 
Tags: systems failure, systems, poor management, bank, inside knowledge, huge losses, rogue trader, procedures, apparently
 
 
 
 
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What can CISOs learn from the Societe Generale debacle

2008-02-19 09:17:17 by Khalid Kark in Security & Risk Management
 
...trader, an astute market player Policy, Implementation, and Audit should stay separate. We often forget that people who set the policy should not be the ones implementing or auditing it. Although all these groups work together to ensure the security of the organization, insider knowledge in one area should not be shared with other areas. This...
 
Tags: security, formal security strategy, societe generale, security technology, external security challenges, implement security, access, security products, access users
 
 
 
 
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Poor IT security to blame in Société Générale fraud

2008-02-20 00:00:00 by HASH0x8473a84 in Network World on Security
 
Inadequate IT security allowed a trader at French bank Société Générale to make a series of unauthorized transactions that ultimately cost the bank 4.9 billion ($7.2 billion), an internal investigation has found
 
Tags: billion, ultimately cost, security, internal investigation, trader, series, bank, transactions
 
 
 
 
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See, they ain't that scientific either

2008-02-25 13:42:29 by Paul Stamp in Security & Risk Management
 
...trader if you don't get sucker-punched every once in a while, you don't understand what risk is Also, there were a few good articles last week about how money managers had retreated from the market because they'd lost faith in the ability to model risk effectively If only it were so easy for information risk professionals, who often protect...
 
Tags: risk management, information risk management, information risk, risk, information risk professionals, risk models, model risk effectively, direct hit, quote
 
 
 
 
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Biometrics would not have prevented SocGen incident

2008-03-07 19:25:37 by Stuart King in Stuart King's Security and Risk Management Blog
 
...trader from not complying with the list of procedura