Famous last words
"Must have tighter controls", my a*s! They always say that after a problem.
Systems won't help - you must have people, sitting in the middle office, who understand what they are supposed to watch for, know the tricks, are empowered and have balls to actually challenge the front office.
It is that stupid hope of the geriatric CEOs that if they spend a few million on a system it will protect them all by itself which invariably causes the downfall of the institutions.
I am 100% sure that in SocGen's case it was the complacency and not a failure of the trading system, that caused the problem. You must be an idiot not to spot an outright position EUR 50 billion in size. Even if the kid created a spoof customer account you must be an idiot not to spot tens of million margin calls paid to the market on behalf of a client - that's simple credit control.
And it's the management of the bank are those who are responsible for hiring these idiots.