It seems like a long time has passed since Nick Leeson brought down one of the most established English financial institutions, waking up the entire financial community to the risk of rogue traders. The event triggered in both financial and non-financial institutions a series of very high-profile actions aimed at enhancing the quality of internal controls and the monitoring of market risk.
More recently, and perhaps already forgotten, we can recall the frantic and expensive rush of governments and private enterprise to mitigate the risks of non-Y2K compliant technology. The predicted catastrophic scenarios eventually proved to be unrealistic and the entire matter is now more a subject for academic discussions.
