Weed Compliance: Fat Fingers, Internal Controls and Compliance | Thomas Fox – compliance evangelist

The award-winning Compliance in the Weeds is the only weekly podcast that takes a deep dive into compliance topics, literally digging into the weeds to more fully explore the topic at hand.

Looking for specific compliance insights? Look no further than Weed Compliance!

In this episode, Tom and Matt dig deeper into Citigroup See more +

The award-winning Compliance in the Weeds is the only weekly podcast that takes a deep dive into compliance topics, literally digging into the weeds to more fully explore the topic at hand.

Looking for specific compliance insights? Look no further than Weed Compliance!

In this episode, Tom and Matt take a detailed look at Citigroup’s $126 million trading error resulting from poor internal controls.

They discuss how a simple big-finger trader error led to a major crash on European stock markets in 2022, and how Citigroup’s internal control failure contributed to it. The discussion covers many compliance lessons, including the importance of understanding the human element in control design, the need for adequate staffing and monitoring, and the need for consistent global risk management.

Fox and Kelly also emphasize the importance of addressing internal audit findings and urgently implementing internal control improvements. They emphasize that companies should think creatively about risk management, taking into account various global factors, including holidays and local regulations.

The most important features:

• Citigroup’s internal control failure

• Citigroup error compliance conclusions

• Human element in compliance and control failures

• Global consistency in risk management See less –