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    British MPs: Banks Need Better IT Knowledge in the Board Room

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    • mlnews
      mlnews last edited by

      After some big banking outages in the UK, government officials are thinking that banks need to take IT a little bit more seriously.

      http://www.theregister.co.uk/2016/01/27/banks_need_clear_regulatory_targets_for_improving_it_systems_says_tyrie/

      1 Reply Last reply Reply Quote 2
      • Deleted74295
        Deleted74295 Banned last edited by

        Until it becomes a regulated requirement, I suspect not much will change.

        scottalanmiller 1 Reply Last reply Reply Quote 1
        • scottalanmiller
          scottalanmiller @Deleted74295 last edited by

          @Breffni-Potter said:

          Until it becomes a regulated requirement, I suspect not much will change.

          You'd think that profits would fix it. But if the shareholders don't care...

          Dashrender 1 Reply Last reply Reply Quote 3
          • Dashrender
            Dashrender @scottalanmiller last edited by

            @scottalanmiller said:

            @Breffni-Potter said:

            Until it becomes a regulated requirement, I suspect not much will change.

            You'd think that profits would fix it. But if the shareholders don't care...

            So the question is.. why aren't profits affected by this?

            scottalanmiller 1 Reply Last reply Reply Quote 0
            • scottalanmiller
              scottalanmiller @Dashrender last edited by

              @Dashrender said:

              So the question is.. why aren't profits affected by this?

              They are. The real question is, why aren't boards being held accountable to profit losses caused by their bad decisions?

              Dashrender 1 Reply Last reply Reply Quote 1
              • Dashrender
                Dashrender @scottalanmiller last edited by

                @scottalanmiller said:

                @Dashrender said:

                So the question is.. why aren't profits affected by this?

                They are. The real question is, why aren't boards being held accountable to profit losses caused by their bad decisions?

                well you'd have to think that they (the banks) aren't loosing profits, or else the board would be making changes.

                Do you know the banks are loosing profits?

                Who is picking up those profits?

                And perhaps even if they are loosing profits, the board considered the lose of profits versus the costs of updating the IT and considered it a wash or a win in not spending the money on IT.

                This seems like like a worry about profits and more about security and privacy, things that should trump profits.

                scottalanmiller 3 Replies Last reply Reply Quote 0
                • scottalanmiller
                  scottalanmiller @Dashrender last edited by

                  @Dashrender said:

                  well you'd have to think that they (the banks) aren't loosing profits, or else the board would be making changes.

                  It's the board being blamed.

                  1 Reply Last reply Reply Quote 0
                  • scottalanmiller
                    scottalanmiller @Dashrender last edited by

                    @Dashrender said:

                    Who is picking up those profits?

                    No one, it is lost global revenue. Economics is not zero sum.

                    Dashrender 1 Reply Last reply Reply Quote 0
                    • scottalanmiller
                      scottalanmiller @Dashrender last edited by

                      @Dashrender said:

                      This seems like like a worry about profits and more about security and privacy, things that should trump profits.

                      Security would never trump profits in a business, that's not just reckless, it's actually illegal in the US at least.

                      Dashrender 1 Reply Last reply Reply Quote 0
                      • Dashrender
                        Dashrender @scottalanmiller last edited by

                        @scottalanmiller said:

                        @Dashrender said:

                        Who is picking up those profits?

                        No one, it is lost global revenue. Economics is not zero sum.

                        This is a concept that still breaks my brain.

                        1 Reply Last reply Reply Quote 0
                        • Dashrender
                          Dashrender @scottalanmiller last edited by

                          @scottalanmiller said:

                          @Dashrender said:

                          This seems like like a worry about profits and more about security and privacy, things that should trump profits.

                          Security would never trump profits in a business, that's not just reckless, it's actually illegal in the US at least.

                          I knew you were going to say that .... lol I just didn't have a better way to phrase it. And yes I did say trump profits (heated statement) I realize that you have to weight things financially to make the best decisions.

                          Though the courts often find that a company choosing not to perform a recall because paying out the lawsuits from deaths will cost less than the recall - how do you account for that in a business? Roulette wheel? lol

                          scottalanmiller 1 Reply Last reply Reply Quote 0
                          • MattSpeller
                            MattSpeller last edited by

                            There's a chap I know well who would unleash upon this thread with the most vile and cutting commentary.

                            He was employed by banks in London for over a decade until outsourced.

                            1 Reply Last reply Reply Quote 0
                            • scottalanmiller
                              scottalanmiller @Dashrender last edited by

                              @Dashrender said:

                              Though the courts often find that a company choosing not to perform a recall because paying out the lawsuits from deaths will cost less than the recall - how do you account for that in a business? Roulette wheel? lol

                              Sort of. It's generally a call for the lawyers to make. The business side figures out the cost of a recall, the lawyers figure out the cost of the lawsuit.

                              However, we are talking security, NOT safety. A company is ALWAYS allowed to protect lives and obey the law, neither of those must be compromised for profits.

                              1 Reply Last reply Reply Quote 0
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