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Operational Risk and Regulation, 1st August 2011: Curing the culture of fraud

In the absence of energetic oversight and advocacy, basic controls can stop being effective if too much time passes without them being monitored or challenged. “Control de-implementation is a real risk,” says Mark Coronna, executive vice-president of securities, compliance and insurance at Wolters Kluwer in London. “Over a period of years controls can start to de-implement because of benign neglect or, worse, intent.”

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