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Leeson: Banks need risk management
Category: Data compliance
22 October, 2008
Nick Leeson, the trader found guilty of bringing Barings bank down, has called for an interface between business and IT to highlight anomalies, a report states, which could have consequences for data security.Speaking at the Burton Group Catalyst conference in Prague, Mr Leeson warned financial firms that IT risk management processes were needed to recognise trading irregularities in banks.
"It's frightening that 13 years on, the same errors are occuring. The last 12-18 months has shown risk management is an oxymoron; definitely risk, but no management. People are paying lip service to risk management," Computer Weekly reports Mr Leeson as saying.
Large financial firms only too aware of Mr Leeson's coup of stealing millions of pounds - resulting in Barings Bank collapsing in 1995 - may want to consider upgrading security systems in order to prevent such a situation.
Furthermore, a lack of understanding from the top of the organisation down could be blamed for the £3.7 billion in losses at Societe Generale by Jerome Kerviel, Computer Weekly states Mr Leeson as claiming.
The comments come after the World Bank has denied claims by Fox News that large amounts of personal data has been lost due to a web attack.
