Reduce or prevent risk failure losses with new and emerging technologies
Rogues of Wall Street analyzes the recent risk failures and errors that have overwhelmed Wall Street for the past decade. Written by a veteran risk, compliance, and governance specialist, this book helps bank leaders and consultants identify the tools they need to effectively manage operational risk. Citing different types of risk events such as: Rogue and Insider Trading, cyber security, AML, the Mortgage Crisis, and other major events, chapters in the first half of the book detail each operational risk type along with its causative and contributing factors. The second half of the book takes an overarching approach to the tools and solutions available to financial institutions to manage such events in the future. From technology, to culture, to governance, and more, this book does more than simply identify the problem'it provides real-world solutions with actionable insight.
Expert discussion identifies the tools financial institutions have at their disposal, and how these tools can be leveraged to create an environment in which catastrophic events are prevented or mitigated. In-depth insight from an industry specialist provides thought-provoking guidance for leaders seeking more effective risk management, and specifically addresses how to:
Analyze major operational risk incidents and their underlying causes
Investigate the tools that allow organizations to prevent and mitigate catastrophic events
Learn how culture and governance can be optimized to support effective risk management
Identify ways in which cognitive technologies could help your firm avoid losses
Cognitive technologies have the potential to revolutionize the way business is done; eliminating the speed/cost/quality trade-off, these new and emerging tools are heralding the next leap in the evolution of risk management. Rogues of Wall Street shows you how bring these tools into your organization, and how they can contribute to your financial success.
Introduction: A Risky Business ix
Acknowledgments xvii
About the Author xix
1 The Historical Context 1
2 The Rogue Trader 7
3 Genius Traders: Who They Are and How to Catch Them 19
4 Insider Trading 27
5 Price Manipulation Risk: The Big Unknown 37
6 The Mortgage Mess 45
7 Ponzi Schemes and Snake Oil Salesmen 53
8 Rogue Computer 63
9 Funding the Bad Guys'Winning the AML Battle 73
10 Litigation and Big Data Risk 85
11 Twitter Risk and Fake News Risk 91
12 Spreadsheet Risk: Should We Ban Excel? 95
13 Acts of God Risk 99
14 Cybersecurity' The Threat from Outside and Inside the Firewall 101
15 Turning the Tables on Risk 107
16 Building the Right Culture: Values, Organization, and Culture 113
17 The 360-Degree Risk Management Function 123
18 What We Talk about When We Talk about Risk 137
19 The Future Is Unknowable, the Present Burdensome; Only the Past Can Be Understood 147
20 The New Tools of the Trade 159
21 Cognitive Technologies 169
22 The Role of Government and Regulators in Managing Risk 177
23 Case Studies and Guiding Principles in Planning for Disaster 185
24 The Risk Management Society and Its Friends 191
25 Conclusion: Seven Traits for Successfully Managing Cognitive Risk 203
Index 207
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