http://lnkd.in/dBppwwk Key takeaways: Suitability, Limit Structures, Transparency, Documentation, Lack of Operational Challenge. Reading the final notice the business was inadequately controlled for a number of years. This highlights systematic failings in the firm’s Risk and Control structure. IP had no line of sight over leverage being taken, or limit breaches, in spite of documented mandates. Other failings such as timeliness and accuracy of trade bookings are a (controllable) risk for any financial institution.