Chase Cooper Announces a New Series of Workshops Using Scenario Based Analysis to Enable Firms to Understand Their Real Exposure to Rogue Trading Risk

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Chase Cooper believes that traditional reviews of a firm's exposure to events such as unauthorised trading give a false sense of security. Chase Cooper also believe that firms need to investigate the sensitivity of controls to changes in their effectiveness and to develop a clearer understanding of the speed at which such changes are picked up and acted upon. In response to this Chase Cooper has developed a series of workshops to enable firms to understand and mitigate their exposure to Rogue Trading.

Tony Blunden

Firms should not just be asking 'could it happen here?' but should be asking 'what would need to occur before it happens here?

Chase Cooper has developed a series of scenario based workshops which will focus on the exposure of firms to changes in their control environment and enable firms to obtain an understanding of their true exposures.

Chase Cooper believes that traditional methods of identifying exposure to rogue trading are flawed, give a false sense of security and fail to highlight the real risks that firms face. Firms need to continually apply scenarios to investigate the circumstances under which losses can occur.

Professor Tony Blunden, Head of Consulting at Chase Cooper and co-author of the acclaimed book Mastering Operational Risk. commented, "Firms should not just be asking 'could it happen here?' but should be asking 'what would need to occur before it happens here?'. The key issue is the relationship of a firm's exposure to degradations in controls, and the time frame in which they take place.

"The sensitivity to change is too often ignored in the analysis of control environments. If Boards' ask the wrong question it is inevitable they will get the wrong answer".

The workshops will enable firms to understand the conditions under which undetected Rogue Trading can occur and apply this knowledge to differing business lines.

Professor Blunden further commented, "merely understanding current controls is not enough, firms need to establish a culture whereby a continuing process of evaluation of potential points of failure is the norm."

About Chase Cooper Ltd.
Chase Cooper is a dynamic risk and compliance management solutions provider. Headquartered in the UK, it provides unique all round solutions to the global financial sector for Enterprise Wide and Operational Risk, incorporating leading frameworks such as Basel II, COSO, FERMA, SOX, Solvency II and ICAAP. With a client base in 84 countries, its award winning software solution, aCCelerate, is a combination of a highly effective modern architecture providing a market leading user intuitive approach to risk management, supported by a unique combination of award winning consulting services, resourcing and training.


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Rohini Uppal
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