Compliance into the Weeds

Of Fat Fingers, Internal Controls and Compliance


Listen Later

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject.

Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds!

In this episode, Tom and Matt delve deep into Citigroup’s $126 million trading error, resulting from poor internal controls.

They discuss how a simple ‘fat finger’ error by a trader led to a major flash crash on European stock exchanges in 2022, and how the failure of Citigroup’s internal controls allowed it to happen. The discussion covers multiple compliance lessons, including the importance of understanding the human element in control design, the need for adequate staffing and monitoring, and the necessity of consistent global risk management.

Fox and Kelly also highlight the importance of addressing findings from internal audits and maintaining urgency in improving internal controls. They emphasize that companies should think creatively about risk management, taking into account various global factors, including holidays and local regulations.


Key Highlights:

  • The Citigroup Internal Control Fiasco
  • Compliance Lessons from Citigroup's Mistake
  • The Human Element in Compliance and Control Failures
  • Global Consistency in Risk Management
  • Resources:

    Matt on Radical Compliance

     Tom  

    Instagram

    Facebook

    YouTube

    Twitter

    LinkedIn

    Learn more about your ad choices. Visit megaphone.fm/adchoices

    ...more
    View all episodesView all episodes
    Download on the App Store

    Compliance into the WeedsBy Tom Fox

    • 4.3
    • 4.3
    • 4.3
    • 4.3
    • 4.3

    4.3

    11 ratings


    More shows like Compliance into the Weeds

    View all
    The Lawfare Podcast by The Lawfare Institute

    The Lawfare Podcast

    6,286 Listeners

    FCPA Compliance Report by Thomas Fox

    FCPA Compliance Report

    19 Listeners

    The New Yorker Radio Hour by WNYC Studios and The New Yorker

    The New Yorker Radio Hour

    6,681 Listeners

    Stay Tuned with Preet by Preet Bharara

    Stay Tuned with Preet

    32,397 Listeners

    Corruption Crime & Compliance by Michael Volkov

    Corruption Crime & Compliance

    43 Listeners

    GZERO World with Ian Bremmer by GZERO Media

    GZERO World with Ian Bremmer

    740 Listeners

    Innovation in Compliance with Tom Fox by Thomas Fox

    Innovation in Compliance with Tom Fox

    16 Listeners

    Great Women in Compliance by Lisa Fine and Hemma Lomax

    Great Women in Compliance

    55 Listeners

    The Bulwark Podcast by The Bulwark

    The Bulwark Podcast

    11,608 Listeners

    Everything Compliance by Thomas Fox

    Everything Compliance

    1 Listeners

    Daily Compliance News by Tom Fox

    Daily Compliance News

    7 Listeners

    The Journal. by The Wall Street Journal & Gimlet

    The Journal.

    5,920 Listeners

    The Ezra Klein Show by New York Times Opinion

    The Ezra Klein Show

    15,281 Listeners

    The Weekly Show with Jon Stewart by Comedy Central

    The Weekly Show with Jon Stewart

    10,311 Listeners

    2 Gurus Talk Compliance by Thomas Fox

    2 Gurus Talk Compliance

    5 Listeners