Mar 05 2008 10 mins 3
It was the scandal that rocked the banking world. French Bank Societe Generale recently revealed details of a disaster created by a rogue insider who cost the institution $7.2 billion in fraudulent trades. It was the biggest such scandal in history.
We recently spoke with Linda Najim and Jason Gaswirth of Diamond Management & Technology Consultants, authors of a new report, "Notes on a Scandal: Lessons in Operational Risk Management from Societe Generale." Listen to this interview for insights on:
- How Soc Gen happened;
- Why it can happen again;
- How the fraud could have been prevented;
- Actions institutions can take to prevent such crimes in the future.
