Profile: Barclays Capital joins industry op risk introspection, post-Parmalat
London -- As much of the world rejoiced in welcoming in the New Year, a distinctly less jocular Fausto Tonna, former chief financial officer of Parmalat, greeted assembled journalists gathered at the public prosecutors’ office in Parma this January with the utterance, "I wish you and your families a slow and painful death."
Tonna’s comment was just one in a long line of unpleasant announcements from the Italian food and dairy company. The declaration last December that Parmalat had failed to make payment on a e150 million bond signalled the start of revelations rapidly culminating in the collapse of the firm. It is a scenario operational risk managers have come to dread.
Philip Scott, director of Barclays Capital’s
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