Operational resilience means learning from failure
Firms and regulators could share data on mistakes and near misses, says Garp’s Jo Paisley
High-profile IT failures across financial firms have become increasingly common in recent years. The list of missteps – Barclays, Equifax, RBS, TSB, Visa – is lengthy and growing. Combined with the staggering level of prudential and conduct-related failures experienced by the financial system over the past decade, these incidents have naturally sparked great anger – both from the public and, increasingly, politicians.
In response, regulators are turning their attention to the theme of
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