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1、Chapter15PreventingAnotherSeriesofUnfortunateEventsthasbeenwelloveradecadesinceNickLeesontookadvantageofpoorcontrolsatBaringsBankandbroughtittobankruptcy.PerhapsImoreaccuratelystatedandasfirstexplainedinChapter1,ithasbeenwelloveradecadesinceBaringsBankfin
2、allyexperiencedthefatalconsequencesofignoringitscontrolfailuresandnotmanagingitsoperationalrisks.Onewouldthinkthatsincethattime,allothercompa-niesandinstitutions,especiallybankslikeBarings,wouldhaveassessedwhatevercontrolstheyhad,identifiedexistingdeficie
3、ncies,andthenusedthatinformationtoestablishappropriatecontrolsandoperationalriskmanagement(ORM)processes.Unfortunately,notallorganizationshaveinvestedthetimeandresourcesnecessarytoassesstheirprocessesandidentifycontroldeficien-cies.Moreover,manycompanies
4、thathavemadethisefforthaveonlydonesopartiallyandstillneedtogofurther.Thatiswhyitisessentialforeverybusinessandinstitutiontousetheframeworkprovidedin285c15.indd28510/24/083:47:29PM286nextstepsthisbook.Withoutdoingso,moreunfortunateeventswilloccurandhisto
5、rywillrepeatitself,asitdid13yearsaftertheBaringsBankcollapse,justacrosstheEnglishChannel.AndliketheBaringsBankfailure,thisunfortunateeventproducedrippleeffectsworldwide.AnotherCrimeoftheCentury?OnSunday,January20,2008,DanielBouton,thechairmanofSociétéGé
6、nérale,oneoftheoldestbanksinFrance,informedtheauditcom-mitteeofthebank’sboardofdirectorsthathismanagementteamhadrecentlyuncoveredover$70billionofsecuritiesheldbythebankinatrader’sportfoliothatshouldnothavebeenthere.1Thiswasperhapsthegreatestcrisisinthel
7、onghistoryofawell-knownandpreviouslyreputableFrenchbank.NapoleonIIIauthorizedtheestablishmentofSociétéGénéraleonMay4,1864.By1870,thebankhad15branchesinParisand32intherestofFrance.Thenextyear,thebankwentbeyondFrenchbordersandestablishedanofficeinLondon.As
8、ofApril2008,thebankserved27millionclientswith151,000employeesin82countries.2Dealingdirectlywiththisunexpectedcrisis,Boutonannouncedhisintentiontohavethebank“unwind”(sell)thosesecuritiesinthemarketasquicklyaspossible.AccordingtoSo
