The FT helpfully printed the full Paul Moore memo in today's paper
To be honest his claim that he was replaced by a manager, at the approval of the CEO, with no previous risk management experience does not in the least bit surprise me.
In my experience for every hard working, dilligent and compenent risk manager working inside banks over the past few years there seems to be an equal number of 'managers' who not only have little or no experience of proper risk management techiques and controls
but little understanding of the role of the risk manager within financial firms.
We have been fed a line by many banks about the how highly they value their risk management departments and the quality of control within.
Below are more words of wisdom from the outesd Paul Moore. A few years ago they would be just words. Now, let's hope boards of directors read them, understand them and get them embroidered on a pillow. (some may feel tattooed onto their foreheads.)
"I believe that, had there been highly competent risk and compliance managers in all the banks, carrying rigorous oversight, properly protected and supported by a truly independent non-executive, the external auditor and the FSA, they would have felt comfortable
and protected to challenge the practices of the executive without fear for their own positions. If this had been the case, I am also confident that we would not have got into the current crisis. I believe that my personal story of what happened at HBOS demonstrates