Sally

I meet today with a representative of the Aust Financial Markets Assoc (AFMA) 
to look at a system they have developed called SCOR: Standards for the 
Control of Operational Risk. It is essentially a complex set of procedures 
for identifying and managing operational risk. The idea is to use it to 
benchmark and develop in written form your own control procedures. 

I have a presentation pack and I think this would be worth our subscribing: 
cost is $US5 500 for 3 years, but I was wondering:

1. Who would be the right person in Houston/London to go through this with - 
if that is required 
2. Am I re-inventing the wheel and do we have detailed written procedures all 
ready. 

Any feedback would be great. Another point to note that may be of interest: 
all our trading counterparties in the energy markets have taken it, including 
some with US parents like ourselves, including Delta and NRG. This surprised 
me a little. 

With thanks

Heidi