Societe Generale : The Business of Ethics

[object Object],EMBA 682 Business Ethics Dr. Ira Bruce Sprotzer Dated March 1, 2008 By: Chris Cano David Fortunati Dave Pelosi Prashant Rajopadhye

Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Recent and Continuing Erosion of Ethical Standards in Business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Erosion of Ethical Standards in Securities Trading Société Générale (France) Barings Bank (UK) Amaranth Hedge Fund (Can) China Aviation Oil (Singapore) Allfirst Financial Inc. (US) Sumitomo Corp (Japan) Daiwa Bank (Japan) US Treas bonds Currency Trading Gas Market Jet fuel Derivatives-forex Copper Trading Index Trading

Which brings us to this man….. Currently Trader and Market Maker Two years as Assistant Trader Two years in “Middle Office”, Compliance Dept. Employed by SocGen since 2000 Masters in Finance Jerome Kerviel,

How did he do it? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Fraud Diamond Incentive Opportunity Capabilities Rationalization

Methods Used to Avoid Controls ,[object Object],[object Object],[object Object],[object Object]

Timeline Wed Jan 23 ,[object Object],[object Object],Mon Jan 21 ,[object Object],[object Object],Sun Jan 20 ,[object Object],[object Object],[object Object],Fri Jan 18 ,[object Object],Thur Jan 24 ,[object Object]

Key Stakeholders Marketplace Investors Company Management Employees Trader

Ethical Considerations – Individual ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Ethical Considerations - Management ,[object Object],[object Object],[object Object],[object Object]

Ethical Considerations - Corporate ,[object Object],[object Object],[object Object],[object Object]

Ethical Considerations - Market ,[object Object],[object Object],[object Object]

Helpful Measures in preventing fraud… Source: Assoc. of Certified Fraud Examiners – Report to the Nation (Survey of 10,000 CFE’s)

Conclusions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Recommendations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Recommendations (cont) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Sources ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sources ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Key Elements of Controls Control Environment Risk Assessment Control Activities Information & Comm Monitoring

Key Elements of Controls ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Control Environment Risk Assessment Control Activities Information & Comm Monitoring

Key Elements of Controls ,[object Object],[object Object],[object Object],[object Object],[object Object],Control Environment Risk Assessment Control Activities Information & Comm Monitoring

Key Elements of Controls ,[object Object],[object Object],[object Object],Control Environment Risk Assessment Control Activities Information & Communication Monitoring

Key Elements of Controls ,[object Object],[object Object],[object Object],[object Object],Control Environment Risk Assessment Control Activities Information & Communication Monitoring

Societe Generale : The Business of Ethics

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