The processes, systems and procedures that deal with the issue when it occurs is what is most important.
Banks are still locked into an antiquated batch payment processing system. The drive with most banks is to reduce their operational costs and not to improve system reliability.
The chairman of the Financial Services Authority, Adair Turner, said it has told RBS it wants “a separate full review to be undertaken by an independent skilled person to established what went wrong and why”.
The FSA demanded the names of senior managers who could be held personally responsible if information technology systems go awry.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?