Societe Generale reports a $4.9 billion loss from fraud perpetuated by a rogue trader; Morgan Stanley confirms that an operations executive stole money by cooking the books; Credit Suisse takes a $2.8 billion write-down for errors in valuations. And let's not forget what could be classified as the worst financial crime-Bernie Madoff is able to bypass scrutiny from the Securities and Exchange Commission in faking $50 billion worth of transactions.
Those are just a handful of the instances of so-called operational risk factors that made their way through the press. But for each of those cases, there are hundreds, if not thousands of others which never do.
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