Dublin, Ireland – Today, rogue trader Nick Leeson and Jeffrey Green, Director of Compliance of Laserfiche®, an international best-in-class electronic document management system (EDMS) provider, were in Dublin as guest speakers at a briefing lunch on compliance. The lunch was hosted by Paper Dock, the Irish Data Management Solutions company.
Compliance is becoming increasingly important in the financial services industry, where the next scandal is never far away. According to Nick Leeson, rogue trading incidents involving traders such as himself and John Rusnak (Allied Irish Bank) are not isolated. Banks such as Barclays, Bank of Montreal and, more recently, the French financial institution Calyon have all suffered major financial losses at the hands of rogue traders.
Nick Leeson’s name is linked to one of the most notorious banking scandals in recent times, when his reckless trading led to the collapse of Barings, the UK’s oldest merchant bank. According to Leeson, “Experience tells me there are three main reasons for the crisis that has led to the Bank of England stepping in to guarantee emergency credit to solve Northern Rock’s liquidity problems: greed, incompetence and a naive reliance on the power of computers to predict the future.”
Anyone who followed the details of the Barings collapse will know there is a two-tier system in the major banking houses. There is a highly pressured, fast-evolving money market populated by traders. The job of these traders and brokers is to make millions for big companies. They compete ferociously to maximise profits for themselves and their bosses.
“My own actions in the period 1992-95 were fraudulent and I was duly punished. But my downfall distracted attention from the shortfalls of the system. Barings would never have collapsed without the incompetence of others who should have known what was going on but either failed to detect it, didn’t properly investigate, or turned a blind eye. Therefore, money spent on risk management, in my opinion, is money well spent,” added Leeson.
“Recent years have seen an increased emphasis on the duty of organisations to keep accurate, complete and secure records of their everyday transactions'” says Jeffrey Green. “This increased focus on accountability, privacy and security compliance has sent public companies scrambling to keep up with the tighter regulations, and many companies are looking for help. At most, the benefits of compliance are often described as a secure ‘insurance policy’ for a company, should it ever find itself the subject of an internal or external investigation.”
According to Peter Osborne, Managing Director of Paper Dock, “Companies throughout the industry are looking to reduce cost through automation and reduce risk through comprehensive and accurate record keeping. The advent of the consumer protection code and MIFID in 2007 has meant that every financial organisation from broker to bank has had to change business processes to ensure compliance regulations are met.” Paper Dock has had a 100% increase in the sale of products such as Laserfiche Workflow™ and Laserfiche Audit Trail™, which enable these organisations to ensure compliance and automate manual business processes, therefore reducing cost and risk.
About Paper Dock
Paper Dock (www.paperdock.com) is an award-winning document and data management solutions provider to the Irish and European marketplace. Paper Dock’s document management solutions (Laserfiche) are trusted by over 23,000 companies and government departments worldwide to streamline business processes through document management, workflow and records management solutions. Paper Dock’s document management solutions focus on data security, disaster recovery, process automation and regulatory compliance (Sarbanes-Oxley, AML, KYC, The Consumer Protection Code). Paper Dock provides a wide range of solutions to many of the top companies across Europe, including the Irish banking sector, government bodies, Grafton Group plc, Landmark Information Group, Lewis Hohn Williams, ITC Group and Financial Engineering Network.
Laserfiche (www.laserfiche.com) creates simple and elegant document management solutions that help organizations run smarter. Since 1987, more than 25,000 organisations—including numerous investment advisors, financial advisors and broker-dealers—have used Laserfiche solutions to streamline processes for managing documents, records and workflow. By digitizing paper archives, Laserfiche enables financial services professionals to find what they need in seconds, quickly prepare for audits and make better-informed decisions. Secure Web access allows you to share information with remote offices, business partners and clients, while comprehensive security options ensure compliance with government- and industry-mandated standards.
For further information, please contact:
Tara Gilleece, 087-2392721
Laserfiche Media contact:
Francine Marlenée – 562-988-1688 ext. 211, email@example.com