????3. 流程,。交易和風險管理流程的整合是有效風險管理的必要組成部分,。在最近的幾次流氓交易員事件中，這類流程整合并不存在,，特別是橫跨前,、中、后臺的整合,。每天應將所有交易與經(jīng)紀商報表和對家確認一一對應,，但有些公司卻缺乏這樣的流程。沒有中臺的監(jiān)督,，交易員就可以通過連續(xù)地調(diào)整頭寸來掩蓋不斷累積的損失,。前、中,、后臺部門之間的信息流應該暢通無阻,，而信息應該在整個公司層面上集合起來,，以獲得對公司風險敞口的整體評估。

????有效的流程和整合的報告體系相結(jié)合使得公司不僅能了解整個公司范圍內(nèi)對單個對家的敞口,，也可以依據(jù)這些信息做出迅速反應。

????其它重要的整合流程包括對交易匯總結(jié)構(gòu)的評估,、交易員的強制休假或“冷靜”期,、對違反限制的審查、對所有修正或被取消交易的審查,。最后,，流程還需要跟上技術(shù)進步的步伐。

????4. 技術(shù),。技術(shù)必須和治理,、文化及流程統(tǒng)一起來，單單憑借技術(shù)無法防止流氓交易事件,。技術(shù)及其系統(tǒng)的合理設計及實施是整個風險管理的關(guān)鍵組成部分,。創(chuàng)新科技能夠幫助公司監(jiān)測和報告頭寸，使得他們可以幾乎實時地了解風險敞口,。這些高科技系統(tǒng)還可以審查交易模式,，發(fā)現(xiàn)與交易小組整體戰(zhàn)略不符的交易活動。對公司整體頭寸的透徹理解不僅能夠降低發(fā)生流氓交易的風險,，也能夠限制對某個特定商品,、衍生物類型或?qū)业某凇Ｓ需b于最近的交易丑聞,，監(jiān)管部門特別關(guān)注交易監(jiān)督方面的合規(guī)控制,。傳統(tǒng)的監(jiān)督系統(tǒng)只有在流氓交易發(fā)生之后才能發(fā)現(xiàn)有問題，而新一代的風險管理技術(shù)將更具前瞻性,，可以探測到高風險的交易模式,，從而防患于未然。每當合規(guī)人員問到他們的行為時,，交易員總是辯護說：“只要是系統(tǒng)允許的,，就肯定沒問題?！币虼?，控制與政策必須融于系統(tǒng)當中，以發(fā)現(xiàn)和阻止不當行為,。

????金融和大宗商品交易行業(yè)不可能完全絕緣于不利事件,。然而，全面整合的風險管理方式可以幫助公司保護自己（及其股東）,，避免流氓交易員帶來的重大風險,。

????Shelley Hurley是埃森哲風險管理部門的執(zhí)行董事和全球資源主管,。

????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.