Shining a light on NAB’s losses
An investigation of National Australia Bank has identified a catalogue of errors that led to A$360 million in options trading losses. At the heart of the losses are catastrophic failures in risk management and control procedures. By Nick Sawyer and Roger Hogan
An investigation into the causes of national Australia Bank’s (NAB) A$360 million ($270 million) foreign currency options trading losses has identified an astonishing combination of risk management failures, breakdowns in financial controls and absence of management supervision within the bank. The no-holds-barred report follows a two-month investigation by consultancy firm Price- waterhouseCoopers (PwC) after the losses emerged in mid-January. The 52-page report points to a number of
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