Andrew Waxman
Contributing EditorAndrew is a columnist for Advanced Trading and Wall Street & Technology specializing in op-ed columns on operational risk in capital markets and financial services. As an operational risk manager, Andrew has worked at some of the leading investment banks and consulting firms in Wall Street and the City of London. He writes on topics such as: rogue and insider trading, technology and markets, disaster planning, regulatory responses and risk management strategies. Andrew has a first class degree in history from Kings' College London and an MBA in finance from NYU.
-
May 15, 2013
As we move headlong into a world driven by instantaneous news cycles, firms should take a step back to evaluate risks and set controls to prevent uncontrolled proliferation.
-
May 07, 2013
While not as significant as bubbles in the housing market or Internet tech sector, the recent examples of bubbles in gold, Bitcoin and carbon are worth studying from a risk management perspective.
-
May 01, 2013
Wall Street isn't the only place the the next con man could be hiding; academia and other industries can also fall victim to data manipulation.
-
April 25, 2013
Apparent errors in an influential economic study by two Harvard Professors due to an Excel spreadsheet mistake is another reminder of the operational risks inherent in relying upon formulae hidden in obscure, nestled spreadsheets.
-
April 18, 2013
Accounting firms should reinvigorate their training and controls regarding insider information because this is one area where enforcement works.
-
April 11, 2013
Material rewards may not be the best way to improve employee satisfaction; helping employees fulfill their goals to lead engaged and interconnected lives will yield better results long-term.
-
April 05, 2013
Breaking down Information silos, closing the distance gap between managers and employees and avoiding the use of technical jargon are three ways to structure an effective risk organization.
-
April 04, 2013
Banks need to make traders more aware of their inter-connectedness with the lives of the people who support them in control functions, so that they think twice about the risks they take on.
-
March 26, 2013
JP Morgan's decisions in handling the London Whale incident can be traced to a series of cognitive biases and limitations, writes Andrew Waxman, who analyzes bank executives' responses based on the work of psychologist Daniel Kahneman.
-
March 20, 2013
Successfully preventing terrorist networks and drug traffickers from utilizing the financial system to launder money will require greater cooperation between banks and law enforcement.
-
March 12, 2013
With billions lost in 2012, the risk culture of investment banks needs to change, starting with accountability and clear expectations for behavior. Banks must also tear down the walls that exist between market, credit and operational risk disciplines, writes Andrew Waxman.
-
March 07, 2013
How can financial institutions identify traders who are taking undue risks or investment salesmen who are fronting a Ponzi scheme? Andrew Waxman provides some insight.
-
February 28, 2013
The CFTC is on a mission to migrate interest rate and credit derivatives to transparent marketplace, fulfilling a role that is similar to what the first SEC Commissioner Joseph Kennedy did in the 1930s to revive equities, writes Andrew Waxman.
-
February 20, 2013
What can the CFTC do to prevent future cases of blatant fraud, as well as the losses, similar to cases like MF Global and Peregrine Financial Group? Andrew Waxman offers some risk management techniques regulators should consider.
-
February 13, 2013
A civil lawsuit by the Justice Department against Standard & Poor's shines a light on faulty ratings. But savvy traders at Goldman and Paulson & Co. saw early warning signs of the mortgage crisis in 2006 and 2007.
-
February 05, 2013
Despite efforts to strengthen controls, the Libor scandal and recent valuation problems with JP Morgan's "London Whale" trade point out that banks still have exposure to price manipulation risk.
-
January 29, 2013
The ongoing proliferation of insider trading cases at hedge funds points to the need for more transparency into investment decisions and trading processes. One way to stop the pattern is for hedge funds to form internal control groups that scrutinize the links between investment themes and material non-public information.
-
January 22, 2013
With no let-up in the flow of operational risk accidents at major banks, firms are hiring more seasoned experts and throwing more resources at the function. But more work needs to be done.
-
January 15, 2013
After a series of trading blow-ups by rogue traders, meet "the genius trader," who can do even worse damage. With their superior intellect, big egos,and technical expertise, they can easily win over CEOs. But, can risk managers reign them in?
-
January 09, 2013
Andrew Waxman takes a look at the most significant operational risks, including the Facebook IPO and Knight Capital Fiasco, that occurred on Wall Street in 2012.
Andrew Waxman
