With rogue trading again making headlines, data quality can’t be ignored. In an investment bank or any asset management firm, your controls are only as good as your data.
UBS hit the press after a trader, allegedly had lost them $2.3 billion. Similarly, in January 2008, a trader purportedly lost SocieteGenerale $7.1 billion, virtually cleaning out the 2007 profits at France's second-largest bank. Barings Bank in 1995 was hit with losses that totaled more than $1.3 billion, almost the entire bank’s assets.
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