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Rogues of Wall Street. How to Manage Risk in the Cognitive Era

  • ID: 4013288
  • Book
  • June 2017
  • 240 Pages
  • John Wiley and Sons Ltd


"Andrew Waxman digs deep into some of the pitfalls of risk–taking, going beyond the financial crisis to provide a comprehensive look at threats faced by the modern banker."
JOE ADLER, Editor, BankThink Blog

"Important and timely. Waxman shows how easily banks′ defenses can be breached by skilled and resourceful rogues."
BEN MCLANNAHAN, US Banking Editor, Financial Times

"Waxman′s book is a thorough and expert assessment of the threats faced by risk managers on Wall Street today. His analysis also provides a very useful guide to how to prevent and avoid them in the future."
SANNY MAKKI, Vice President, IBM Global Business Services, Banking and Capital Markets


Rogues of Wall Street is the must–have guide for bank leaders and consultants who need the latest tools and techniques for managing operational risk in the complexities of today′s digital processes and regulations. Banking institutions must protect themselves from a diverse variety of events putting their operations at risk, and this comprehensive resource offers high–level insight and on–the–ground solutions to collecting and analyzing the proper data to pick up on irregularities and promote a workplace culture that thrives on and rewards above–the–board ethics. This single resource enables you to:

  • Enhance your real–world practice with relevant analysis of the most recent major operational risk incidents, including what caused them and how best to prevent them
  • Optimize your institution′s culture and governance to empower your risk management program
  • Save time and money by understanding which cognitive technologies can be used to avoid losses and where to use them

Rogues of Wall Street is your complete source for authoritative guidance and actionable advice.

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Introduction: A Risky Business ix

Acknowledgments xvii

About the Author xix

1 The Historical Context 1

2 The Rogue Trader 7

3 Genius Traders: Who They Are and How to Catch Them 19

4 Insider Trading 27

5 Price Manipulation Risk: The Big Unknown 37

6 The Mortgage Mess 45

7 Ponzi Schemes and Snake Oil Salesmen 53

8 Rogue Computer 63

9 Funding the Bad Guys Winning the AML Battle 73

10 Litigation and Big Data Risk 85

11 Twitter Risk and Fake News Risk 91

12 Spreadsheet Risk: Should We Ban Excel? 95

13 Acts of God Risk 99

14 Cybersecurity The Threat from Outside and Inside the Firewall 101

15 Turning the Tables on Risk 107

16 Building the Right Culture: Values, Organization, and Culture 113

17 The 360–Degree Risk Management Function 123

18 What We Talk about When We Talk about Risk 137

19 The Future Is Unknowable, the Present Burdensome; Only the Past Can Be Understood 147

20 The New Tools of the Trade 159

21 Cognitive Technologies 169

22 The Role of Government and Regulators in Managing Risk 177

23 Case Studies and Guiding Principles in Planning for Disaster 185

24 The Risk Management Society and Its Friends 191

25 Conclusion: Seven Traits for Successfully Managing Cognitive Risk 203

Index 207

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Andrew Waxman
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