Project Psychology: Using Psychological Models and Techniques to Create a Successful Project by De Mascia Sharon Ms

Author:De Mascia, Sharon, Ms [De Mascia, Sharon, Ms]
Language: eng
Format: epub
Publisher: Ashgate Publishing Ltd
Published: 2012-09-28T05:00:00+00:00

The Human Element of Risk Management

BARINGS BANK

One of the most stark modern-day examples of the dangers of not managing risk must be the example of ‘Barings Bank’. Barings Bank recruited a new employee by the name of Nick Leeson and owing to his impressive performance he was quickly appointed to the trade floor where he appeared to be making large amounts of money for the bank. The bank did not believe that it was taking any risk as Nick assured them that he was speculating on behalf of a client. Unfortunately, Nick was very good at hiding his losses and the bank only found out that there was a problem when Nick’s losses exceeded the bank’s overall reserves and capital. This oversight brought about the collapse of the oldest merchant bank in London and sent shockwaves throughout the entire financial community.

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