【風(fēng)險(xiǎn)管理基礎(chǔ)&定量】FRM一級(jí)每日一題
Past financial disasters have resulted when a firm allows a trader to have dual roles as both the head of trading and the head of the back-office support function. Which of the following case studies did not involve this risk?
I Drysdale Securities
II Daiwa
III Allied Irish Bank
IV Barings
A. I only
B. II and IV
C. I and III
D. I, II, and IV
Answer: C
The rogue traders for both Daiwa and Barings had dual roles as both the head of trading and the head of the back-office support function. This operational risk oversight allowed them to hide millions in losses from senior management. In the Allied Irish Bank case, John Rusnak did not run the back-office operations. The Drysdale Securities case did not deal with a rogue trader.
