Without the right culture you will always be fighting a losing battle
December 29 2017
A recent FT article on rogue traders discusses some of the issues arising with how to stop them effectively.
“The simplest and most frequent — and most depressing [sign] — is that people are liars,” says the first compliance executive. “People have lied on their CV quite often about something quite minor,” the executive adds. “People rationalise it by saying it was only a lie about something small and they forget the critical lesson that . . . if someone lies and gets away with it, then before they even go through your compliance training they’ve been taught that they can lie and get away with it.”
“You can never eliminate the possibility of people doing bad things and banking tends to attract the type of people that are inclined to push the boundaries – people who are greedy and stupid around money.”
PLUS CA CHANGE
December 22 2017
Greed and stupidity have always been with us.