Allied Irish loss puts focus on op risk controls


DUBLIN -- The risk management practices and controls of banks around the world came under scrutiny from investors, credit rating agencies and analysts following the early February news that a rogue trader had defrauded Allied Irish Banks (AIB) of up to $750 million.

The news broke as Operational Risk went to press. The bank, Ireland’s largest, said it had called in the FBI to lead the hunt for missing dealer John Rusnak. The bank alleged Rusnak tried to disguise huge foreign exchange losses at

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