Poor controls and management supervision to blame at SG
PARIS - Operational risk practitioners are still picking over the weakness in Societe Generale's (SG) control functions that allowed Jerome Kerviel to lose EUR4.9 billion, and must have been eagerly ploughing through two investigative reports issued in late May. For SG these reports will make for uncomfortable reading.
PricewaterhouseCoopers (PwC) conducted one investigation, with the other report coming from the bank's own general inspection department. Both reveal serious weaknesses in SG's
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