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 Andrew Waxman

Profile of Andrew Waxman

Thought Leader
Member Since: 5/8/2014
Blog Posts: 32
Posts: 7

Andrew Waxman writes on operational risk in capital markets and financial services. Andrew is a consultant in IBM's US financial risk services and compliance group. The views expressed her are those of his own. 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.

Articles by Andrew Waxman

2014 in Review: Looking Back at a Year in Risk

Although the financial markets escaped having a rogue trading incident, 2014 brought a host of incidents ranging from cyber security and FX rigging to anti-money laundering and insider trading.

No Screwups, Please, We’re Banks

Changing a bank's culture is not going to happen overnight, but having the right tools and levers in house will surely make a big difference over time.

Chief Data Officers: Organization Strategy & Cultural Change

Chief data officers are new to the financial services C-suite, but they are facing a number of challenges, including the need for new data governance and execution strategies, staffing, and new organizational structures to enable cultural change.

This is How Banks Need to Manage People Risk

Is your bank leveraging all the key tools of manager enablement: education, preparation, incentivization and data analytics to help minimize the risk of losing your best people?

Managing Mobile Risk in the Cloud

Firms should assess their apps and data being exposed to the cloud for the level of security, privacy robustness, and frequency of development updates they require.

Where's the Next Bernie Madoff Hiding?

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.

Spreadsheet Risk – Should We Ban Excel?

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.

The Pursuit of Happiness on Wall Street

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.

Motivating Traders to Think Beyond Themselves

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.

JP Morgan and Heuristics – Lessons from the Whale

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.

Funding the Bad Guys – Winning the AML Battle

Successfully preventing terrorist networks and drug traffickers from utilizing the financial system to launder money will require greater cooperation between banks and law enforcement.

Shaking Up the Risk Teams

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.

Using Big Data to Combat Big Risk

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.

Can the CFTC Execute on its Mission?

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.

Battling Ponzi Schemes and Snake Oil Salesmen

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.

5 Risk Indicators that Led to the Mortgage Mess

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.

Price Manipulation Risk – The Big Unknown

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.

Insider Trading Escalates At Hedge Funds, Reflecting Weak Controls

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.

Re-Thinking Operational Risk on Wall Street

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.

How to Manage "Genius Trader Risk"

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?

The Case for Scenario Planning in Sandy’s Wake

After underestimating the strength of Hurricane Sandy, financial firms need to consider 'risk scenario planning' as a tool for forecasting what can go wrong in the future, writes author and risk analyst Andrew Waxman.

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