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A Scenario in Internal Fraud
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Book Chapter
A Scenario in Internal Fraud
2019
Overview
Employees having access to specific functions could potentially perpetrate a fraud in their domain. Traders can take unauthorized positions to cover past losses, or even create fictitious positions to accumulate profit. This chapter analyses in more detail the “Rogue Trading” scenario. The history of Rogue Trading cases goes back to the nineties with the Baring's case, and significant cases are publicly disclosed on a regular basis. The chapter lists the most significant cases from 1995. The fact that rogue trading activities can also lead to a profit suggests that some major cases may not have been disclosed. This eXposure, Occurrence, Impact (XOI) scenario is a stylized representation of the recent cases of rogue trading. The calculation of the potential loss uses some typical market risk assumptions. Using this structured decomposition, the quantification approach is straightforward, although the quantification of some drivers will require expert judgment.
Publisher
John Wiley & Sons, Incorporated,John Wiley & Sons, Ltd
Subject
ISBN
1119508509, 9781119508502
