Five Questions: When Risk Managers Aren’t Managing
What causes big banks like UBS, which have sophisticated risk management systems, to be hit by rogue traders who can cause billions of dollars in losses? Five Questions with Aaron Brown.
Charles Wallace
December 17, 2025
Aaron Brown, risk manager at AQR Capital Management LLC, listens during the Bloomberg FX09 conference at the company's headquarters in New York, U.S., on Thursday, Oct. 8, 2009. Volume in the foreign exchange market hasn't returned to the levels seen before the financial crisis and the decline is hampering liquidity, according to officials at some of the world's largest currency trading firms. Photographer: Jin Lee/Bloomberg *** Local Caption *** Aaron Brown
Jin Lee/Bloomberg
