Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction by David Enrich chronicles the transgressions of certain former Deutsche Bank officers and staff. How effective are risk management processes? Not effective at all, it seems, if there is a will to evade them.

For bank directors, this is a lesson. Put strong risk management processes in place, including monitoring, but don’t fully depend on their efficacy. But what else should a bank board do? Evaluate the quality and honesty of management and hold them accountable.

Dave Martin, an AABD advisor, provides here an excellent review of Dark Towers.