Following revelations of UBS’ £1.3bn rogue trader disaster, the Swiss bank has had its credit ratings put under review for possible downgrade by Standard & Poor’s and Moody’s Investors Service.
The main criticism seems not only to be of Mr Kweku Adoboli, but of UBS’ risk management abilities, with Moody’s stating:
We have continued to express concerns with regards to the ability of management to develop a robust risk culture and effective control framework while at the same time trying to re-establish its position in certain market segments
This begs the questions “What should UBS have been doing differently?” and “Will this push them to transform their risk culture?”
However, at StratexSystems we’re wondering whether the real question is “Was our webinar “How to deliver an effective, robust risk framework while responding to a regulatory action” simply scheduled a month too late?”
