The numerous investigations into the current sensational corporate failures will expose many of the same operations control weaknesses that led to the collapse of the Barings Bank of London. When the smoke finally clears from the recent corporate collapses, the image in the mirror may not be an Enron or a World Com but it could be the infamous shortfalls in operations risk management that appear not only to be at the core of the failures but are reminiscent of the factors leading to the Barings Bank debacle. Though the culprit in the Barings case, Nick Leeson, was several layers below the top executives in the recent catastrophes, poor operations risk controls allowed him to commit frauds similar to what we’re seeing today..
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