Barings and Allied Irish Bank: Lessons Ignored

Stewart Hamilton and Alicia Micklethwait

Chapter Chapter 2 in Greed And Corporate Failure, 2006, pp 13-32 from Palgrave Macmillan

Abstract: Abstract In February 2002 Allied Irish Bank (AIB) announced that a trader at its Allfirst Baltimore-based subsidiary had lost $691 million in unauthorised trading. It soon became apparent that this had happened because of poor risk assessment and management control; a lack of management supervision; an ineffective internal audit process; and a short-sighted desire to reduce overheads without regard to the potential long-term consequences. History was repeating itself.

Keywords: Internal Audit; Option Contract; Banking Supervision; Internal Audit Function; Front Office (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1007/978-0-230-50275-8_2

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