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.â