Financial Regulatory Forum

INTERVIEW: Whistleblowing is a duty if internal calls unheeded, U.S. bailout overseer tells compliance officers

By Guest Contributor
July 31, 2012

By Stuart Gittleman

NEW YORK, July 31 (Thomson Reuters Accelus) - Compliance officers have a duty to become whistleblowers if their concerns are not heeded internally, Neil Barofsky, the watchdog over the U.S. financial crisis bailout program, told Compliance Complete in an interview.

Barclays’ governance, compliance weaknesses exposed in U.S. regulator’s findings

By Guest Contributor
July 3, 2012

By Emmanuel Olaoye

WASHINGTON/NEW YORK, July 3 (Thomson Reuters Accelus) - A U.S. regulator’s case against Barclays revealed significant failures with the bank’s internal controls as well as failures with its corporate governance.

Compliance officers face multiple options for credentials

By Guest Contributor
May 17, 2012

By Julie DiMauro

NEW YORK, May 17 (Thomson Reuters Accelus) – The compliance officer role in heavily regulated industries, such as defense contracting, healthcare and financial services, is endowed with great responsibility. The compliance officer is charged with spotting risk and pursuing the policies and procedures that bring such exposures to levels deemed acceptable as contemplated by agency regulations and local and federal laws.

COLUMN – Rogue traders, delta trading and exchange-traded funds

By Guest Contributor
October 7, 2011

By Helen Parry, the views expressed are her own.

LONDON, Oct. 7 (Thomson Reuters Accelus) - There are many common features in cases of rogue or unauthorised trading, including the use by ostensibly riskless arbitrage traders of fictitious trades on internal systems to mask their unhedged positions. One obvious feature that is present in many rogue trader cases has been a failure in trade confirmation systems and controls. This feature frequently appears conterminously with the fact that a trader has intimate knowledge of and/or power and influence over middle and back office systems. (more…)

Rogue traders will always pose risk to compliance controls, says industry

By Guest Contributor
September 16, 2011

Traders work at their desks in front of the DAX indexBy Martin Coyle and Alex Robson

LONDON/NEW YORK, Sept. 16 (Thomson Reuters Accelus) – The $2 billion rogue trading incident at UBS demonstrates that determined individuals will always be able to circumvent internal systems and controls despite the recent regulatory scrutiny on this area, industry officials said. The case also highlighted the need for banks to think about their reward structures, they added.