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Internal HR Security Compliance and Risk Management Systems in a Major International Bank in a North African Country

EXECUTIVE SUMMARY This case looks at an international bank operating in an emerging market, which, due to ineffective HR compliance (employees from different departments failing to communicate and not keeping up-to-date records), suffered financial losses and negative publicity. A review of the nature of employee-based risk in banking is applied to an emerging market context based on documenting a real-life incident. The mistaken repossession of a property when seeking to recover debts took place partly due to inadequate employee record-keeping, poor communication, and with the possibility of employee fraud. The bank believed that one of their defaulting customers still owned the house, even though his mortgage had been cancelled many years previously. It would appear that an employee of the bank continued to lend the defaulting customer money, based on non-existent collateral, in connivance with a corrupt attorney friendly with the bank. Banks are commonly criticized for lack of adequate control mechanisms, and this detailed case shows the even greater challenges they face in emerging markets.