Sunday, February 03, 2008

More on Societe Generale: Weak Oversight Common

Societe Generale isn't the only bank with controls but weak oversight, according to Wall Street & Technology. Many banks dole out access like candy and then don't patrol it later on.

It wasn't so much a knowledge of computers that allowed the rogue trader to beat the system, but his knowledge of operational controls and how to circumvent and abuse them.

Besides weak oversight, only eight percent of US and European banks even have automated systems to detecting the type of identity-shielding techniques used by the trader.

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