如何铲除流氓交易员

    3. 流程。交易和风险管理流程的整合是有效风险管理的必要组成部分。在最近的几次流氓交易员事件中，这类流程整合并不存在，特别是横跨前、中、后台的整合。每天应将所有交易与经纪商报表和对家确认一一对应，但有些公司却缺乏这样的流程。没有中台的监督，交易员就可以通过连续地调整头寸来掩盖不断累积的损失。前、中、后台部门之间的信息流应该畅通无阻，而信息应该在整个公司层面上集合起来，以获得对公司风险敞口的整体评估。

    有效的流程和整合的报告体系相结合使得公司不仅能了解整个公司范围内对单个对家的敞口，也可以依据这些信息做出迅速反应。

    其它重要的整合流程包括对交易汇总结构的评估、交易员的强制休假或“冷静”期、对违反限制的审查、对所有修正或被取消交易的审查。最后，流程还需要跟上技术进步的步伐。

    4. 技术。技术必须和治理、文化及流程统一起来，单单凭借技术无法防止流氓交易事件。技术及其系统的合理设计及实施是整个风险管理的关键组成部分。创新科技能够帮助公司监测和报告头寸，使得他们可以几乎实时地了解风险敞口。这些高科技系统还可以审查交易模式，发现与交易小组整体战略不符的交易活动。对公司整体头寸的透彻理解不仅能够降低发生流氓交易的风险，也能够限制对某个特定商品、衍生物类型或对家的敞口。有鉴于最近的交易丑闻，监管部门特别关注交易监督方面的合规控制。传统的监督系统只有在流氓交易发生之后才能发现有问题，而新一代的风险管理技术将更具前瞻性，可以探测到高风险的交易模式，从而防患于未然。每当合规人员问到他们的行为时，交易员总是辩护说：“只要是系统允许的，就肯定没问题。”因此，控制与政策必须融于系统当中，以发现和阻止不当行为。

    金融和大宗商品交易行业不可能完全绝缘于不利事件。然而，全面整合的风险管理方式可以帮助公司保护自己（及其股东），避免流氓交易员带来的重大风险。

    Shelley Hurley是埃森哲风险管理部门的执行董事和全球资源主管。

    3. Processes. The integration of trading and risk management processes is an essential component of effective risk management. In a number of recent major incidents involving rogue traders, such process integration was not in place – especially those integrating activities across the front, mid and back office organizations. Several of these firms did not have a daily process of tying all trades back to either the broker statements or counterparty confirmations. Without the oversight of the mid-office, traders could continuously adjust their positions to cover the mounting losses. Front, mid and back office functions should be integrated in information flow and information should also be aggregated enterprise wide, for a comprehensive corporate view of risk exposure.

    Effective processes, when coupled with an integrated reporting system, allow firms to not only identify their enterprise-wide exposure to an individual counterparty, but also to have the processes in place to act on such information.

    Other important integrated processes include review of trading aggregation structure; mandatory vacation or "cooling off" periods for traders; review of limit breaches; and review of all amended and cancelled trades. Finally, processes need to keep pace with technological changes.

    4. Technology. Technology needs to be aligned with governance, culture and processes and alone, cannot guard against rogue trading events. The proper design and implementation of technology and systems is a critical piece of the overall risk management puzzle. Innovative technologies can help firms monitor and report on their positions, allowing them to understand their risk exposure in near real-time. These systems can also review trade patterns and highlight activities that do not align with the overall strategy of the trading desk. A complete understanding of a firm's overall position can not only mitigate the risk of rogue events, but also limit the exposure to a particular commodity, derivative type or counterparty.In light of recent trading scandals, regulators are paying special attention to compliance controls related to trade surveillance. While traditional surveillance systems spot rogue behavior after it occurs, the next generation of risk management technologies will be more proactive, identifying risky patterns in a way that may prevent disaster in the first place. When questioned by compliance personnel about their actions, traders will often use the defense that, "if the system let me do it, then it must be OK." Thus, controls and policies must be embedded within the system to identify and block undesired behaviors.

    Financial and commodity trading businesses cannot be completely insulated from adverse events. A comprehensive, integrated approach to risk management, however, can help these firms protect themselves (and their shareholders) from the serious risks of rogue traders.

    Shelley Hurley is Executive Director of Risk Management and Global Resources Lead at Accenture.