Learning lessons from NAB


The post-mortem report into the A$360 million ($270 million) options trading losses at National Australia Bank (NAB) makes truly shocking reading. The catalogue of errors in risk management, financial controls and back-office validation – some of which are outrageously basic – are reminiscent of the failures at Barings and Allied Irish Banks, lessons that should already have been learned by any bank with a derivatives business.

Perhaps one of the most astonishing revelations contained in the

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