They should have implemented proper risk management policies and guidelines and should have implemented proper system of disclosure to the stakeholders. Monitoring: The top management should have been highly concerned about the shareholders’ and the customer protection. This mode of disclosure was illegal for the banks’ customers as well as the shareholders and also the stakeholders.
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The huge financial losses it incurred due to taking positions in derivatives was recorded in an error account and thus no proper explanation was provided about the exact quantity and amount of loss under different segments (Rogue Trader). Without proper internal audit system, the Barings bank took unauthorized mode in maintaining the accounting system. Moreover because of …show more content… The disclosure system was also not transparent. The career path of Leeson followed an upwardly moving curve from his job of back office trading settlement to a highly acclaimed trader earning huge bonuses.
#Explanation of rogue trader movie movie#
The rogue trader movie has been highly famous as it portrayed the character of a rogue trader in Baring Bank named Nicholas Leeson. Recently these rogue trading activities causing huge losses attracted the media and many films have been based on such rogue trading activities.
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Most people are highly familiar with the rogue trading activities, as there have been several instances of huge losses incurred under the rogue trading. Rogue Trader Introduction: A rogue trader is a market professional who is basically involved in different unauthorized trading activities.