Beyond AMA approval

Rob Anderson, head of operational risk and security at National Australia Bank, says joining an advance measurement approach-accredited institution means he can focus on managing business risks rather than AMA preperation. By Wietske Blees

In January last year, French bank Societe Generale was sent reeling after revelations of losses made by a rogue trader. In a catastrophic failure of operational risk management, Jerome Kerviel had managed to circumvent the bank's control processes, racking up losses to the tune of EUR4.9 billion ($6.7 billion). An unfortunate reminder of the importance of strong control processes, the episode spurred risk managers around the world to test their systems for similar flaws.

The event was reminiscent