March 2014
Beginner
316 pages
7h 48m
English
Content preview from Fraud Prevention and Detection
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FRAUD PREVENTION AND DETECTION
182
A third component of risk appetite setting is the monitoring of activi-
ties for consistency with risk appetite and as a basis for reviewing and
revisiting risk appetite development. Figure15.2 illustrates this process.
*
Examples of deciencies in risk management philosophy in the recent
past are the actions of so- called rogue traders at multinational nan-
cial institutions:
• In 2012, for example, Britain’s Financial Services Authority ned
UBS the equivalent of $47.6 million because serious weaknesses
in the internal controls of its investment banking unit failed to
prevent a $2.3 billion loss caused by a former ...
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