The impact of the 1MDB scandal has been crippling for Goldman Sachs, and its ripples have affected both its status as well as its stock price. As the dust has cleared the role that the investment bank played in enabling the looting of billions of dollars from 1Malaysia Development Berhad (1MDB) has been put in the spotlight.
On their part, Goldman Sachs has fired Tim Leissner, the lead banker who was in charge of 1MDB’s bonds. As Bloomberg reports, Leissner’s plea included admitting to a slew of charges and that he ‘conspired with other employees and agents of Goldman Sachs’ to avoid discovery by the bank’s compliance and legal departments.
That has led employees to point fingers at one another and fueled speculation of further charges. However, the fact that Leissner and his cohorts avoided discovery for so long is indicative of the lessons that need to be learned:
An oversight that can be provided by employee monitoring software
One of the ways that Goldman Sachs is now attempting to demonstrate that it has learned from the entire saga is by implementing employee monitoring software. By monitoring users more closely with complex sets of rules, any illegal, malicious or inappropriate activity can be detected and flagged early on – before it has the chance to cause damage.
Importance of comprehensive forensic data
The inability of Goldman Sachs to detect any further culpability on the part of its employees in spite of Leissner’s admission illustrates the importance of having access to comprehensive forensic data. Reportedly lawyers and compliance officers at the bank have spent years with the available records, whereas the data from a more comprehensive monitoring system would have made it easier to identify the parties involved.
The steep cost of not having the right safeguards
For any company, the saga itself should act as a warning of the risks and steep costs of not having the right safeguards. The impact that it has had on Goldman Sachs both financially and regarding its reputation will reverberate for years to come. It makes it clear how important monitoring, auditing, and forensic capabilities to any company.
One way to apply the lessons from Goldman Sachs 1MDB scandal is with the WorkExaminer software. As a comprehensive monitoring software, it will enable companies to track their employees’ activities on workplace computers and prevent any misuse that may be inappropriate or illegal.
With the features in WorkExaminer, it is possible to monitor employees for possible data breaches or suspicious activity. It will make it easy to flag potential issues early on so that they can be dealt with before they end up being a far bigger problem.
The comprehensive nature of WorkExaminer will provide the option to track everything from online searches to file downloads, emails, computer activity, instant messaging, and any keyboard input. It can also capture screenshots of employee desktops in case it is needed as forensic evidence.
For companies that want to avoid ending up in the same boat as Goldman Sachs, WorkExaminer is the type of monitoring software that they need to safeguard themselves. In addition to being an invaluable tool to prevent employees’ from abusing trust, it can also help to protect the company data and improve productivity as well.