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Internal auditors, risk managers, portfolio managers they all get bashed when the $hit hits the fan ... thing is, rogue practices/direct dealings of management + board of directors is normally where the fire is.
Always easier to hit the small man than the actual culprits, innit?
Always easier to hit the small man than the actual culprits, innit?
Small example
Brother was junior internal auditor to a bank (later failed by fraud: BPN). The prob wasn't that they didn't see it.
The prob was what management suppressed
Audits? Useless
Brother left
BPN went bankrupt
Registry of investment at the direction of head of BPN
Brother was junior internal auditor to a bank (later failed by fraud: BPN). The prob wasn't that they didn't see it.
The prob was what management suppressed
Audits? Useless
Brother left
BPN went bankrupt
Registry of investment at the direction of head of BPN
What could a risk manager do there ... after the fact?
Nothing.
What could an anti-money laundering employee do there?
Nothing.
What could an internal auditor do there?
He/she will determine what happened but that's about it.
Best thing when it stinks fraud is to leave.
Nothing.
What could an anti-money laundering employee do there?
Nothing.
What could an internal auditor do there?
He/she will determine what happened but that's about it.
Best thing when it stinks fraud is to leave.
Never worked in finance (most my relatives do. they're cops or they're in finance, i'm the black sheep who's in neither of these fields) and only ONCE experienced a CEO private dealing eat from my marketing budget w/o my plan&consent and I tell you, I hated it so badly I left.
Not a portuguese or swedish boss but a danish guy HAHA
Everyone does it but the important is really, what do you do when it happens?
This is what really matters and at the end of the day, rogue practices aren't an exclusive of a country or some people. They're everywhere.
Everyone does it but the important is really, what do you do when it happens?
This is what really matters and at the end of the day, rogue practices aren't an exclusive of a country or some people. They're everywhere.
