Artwork

Content provided by Tom Fox. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tom Fox or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Player FM - Podcast App
Go offline with the Player FM app!

Of Fat Fingers, Internal Controls and Compliance

28:53
 
Share
 

Manage episode 420851497 series 2783374
Content provided by Tom Fox. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tom Fox or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject.

Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds!

In this episode, Tom and Matt delve deep into Citigroup’s $126 million trading error, resulting from poor internal controls.

They discuss how a simple ‘fat finger’ error by a trader led to a major flash crash on European stock exchanges in 2022, and how the failure of Citigroup’s internal controls allowed it to happen. The discussion covers multiple compliance lessons, including the importance of understanding the human element in control design, the need for adequate staffing and monitoring, and the necessity of consistent global risk management.

Fox and Kelly also highlight the importance of addressing findings from internal audits and maintaining urgency in improving internal controls. They emphasize that companies should think creatively about risk management, taking into account various global factors, including holidays and local regulations.

Key Highlights:

  • The Citigroup Internal Control Fiasco
  • Compliance Lessons from Citigroup's Mistake
  • The Human Element in Compliance and Control Failures
  • Global Consistency in Risk Management

Resources:

Matt on Radical Compliance

Tom

Instagram

Facebook

YouTube

Twitter

LinkedIn

Learn more about your ad choices. Visit megaphone.fm/adchoices

  continue reading

340 episodes

Artwork
iconShare
 
Manage episode 420851497 series 2783374
Content provided by Tom Fox. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tom Fox or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject.

Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds!

In this episode, Tom and Matt delve deep into Citigroup’s $126 million trading error, resulting from poor internal controls.

They discuss how a simple ‘fat finger’ error by a trader led to a major flash crash on European stock exchanges in 2022, and how the failure of Citigroup’s internal controls allowed it to happen. The discussion covers multiple compliance lessons, including the importance of understanding the human element in control design, the need for adequate staffing and monitoring, and the necessity of consistent global risk management.

Fox and Kelly also highlight the importance of addressing findings from internal audits and maintaining urgency in improving internal controls. They emphasize that companies should think creatively about risk management, taking into account various global factors, including holidays and local regulations.

Key Highlights:

  • The Citigroup Internal Control Fiasco
  • Compliance Lessons from Citigroup's Mistake
  • The Human Element in Compliance and Control Failures
  • Global Consistency in Risk Management

Resources:

Matt on Radical Compliance

Tom

Instagram

Facebook

YouTube

Twitter

LinkedIn

Learn more about your ad choices. Visit megaphone.fm/adchoices

  continue reading

340 episodes

すべてのエピソード

×
 
Loading …

Welcome to Player FM!

Player FM is scanning the web for high-quality podcasts for you to enjoy right now. It's the best podcast app and works on Android, iPhone, and the web. Signup to sync subscriptions across devices.

 

Quick Reference Guide