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Improving Operational and IT Access Risk Management in Banks with SAP GRC Access Control to avoid Societe Generale Bank kind of disasters

Improving Operational and IT Access Risk Management in Banks with SAP GRC Access Control to avoid Societe Generale Bank kind of disasters

Abstract
By partnering with SAP in GRC, HCL team has gained advanced insights into SAP GRC Access Control product. HCL SAP GRC Access control practice has developed GRC Access Control implementation methodology based on SAP best practices. This implementation methodology helps in accelerating Access Control implementation and minimizes the project challenges. HCL GRC service offering uniquely combines compliance domain expertise with SAP Access Control Implementation expertise. HCL provides continuous support in SAP GRC Access control to its clients some of which are Fortune 500 companies.

Excerpts from the Paper
A new report from Diamond Management & Technology Consultants, Inc. examines facts that have emerged from the Societe Generale situation, and the probable causes of fraud point to deficiencies in operational risk management. While details are still surfacing, Societe Generale, or SocGen, appears to have lacked three essential ingredients in establishing a resilient operational risk environment: automated processes, an internal controls culture, and strong IT access controls. Without these three elements in place, not even a 2,000-person risk division could stop a rogue trader, who is allegedly responsible for the loss of 4.9 billion euros at SocGen, the second-largest French bank.

 

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