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Everybody’s A Winner Baby… May 18, 2014

Posted by Audit Monkey in The State of the British Nation.
Tags: , ,

My readers will probably think that I’m a bit of a philistine and don’t read much or comment on the financial press. While I read the newspapers, by the time I get home in the evening, I’m not inclined to regurgitate my thoughts and update the blog.

Some articles, however, do strike accord. One such article was one by Nick Goodway in the Evening Standard on the 8th April 2014. It was an article on the state of the UK banking system’s IT.; it’s antiquated, run on legacy systems, prone to cyber attacks. In short, it’s not fit for purpose. If wish to read the full article, it can be found here.

As the article correctly notes, it will require massive spending.  However, the article glossed over another problem, getting people with the know how to do it. Based on my experience, getting the right people with the coding skills, project management ability and industry knowledge is rather rare. Usually they’ve been snapped up by the tier 1 investment banks. If you are exceptionally lucky, you may get hold of one or two, but realistically, not a chance. Why do you think that so many IT projects are canned or bodged up?

I will confess that I’m not IT expert but the I’ve seen enough systems implementations to see them canned or bodged together to make them fit. Try doing that with several million customer records. I wouldn’t like to take the heat for delaying ‘go-live’ due to a few bugs in the system. Needless to say, it’s got danger, hornet’s nest written all over it. No wonder banking CEO’s back away.


1. ITauditSecurity - May 21, 2014

I think you missed the real quote of the week;

The big banks need to rebuild their IT urgently. And, as Bailey suggests, they need to be bold.

****Full Disclosure: I am an IT auditor (surprise!). I grew up in IT and have worked in or around IT my entire career….***

I just love how companies love to blame IT for all their problems. Yes, IT makes the work go around. But who hires IT, directs IT, and funds IT? Management.

At one time, UK bank IT worked, right? So who didn’t ensure IT kept up with the times? Withheld the proper funding? Looked the other way as other industries modernized their IT systems and technology? Again, Management!

So don’t blame IT. Even if IT Management put their head in the sand and insisted everything’s OK, does IT Management run the entire company? Make all the money? NO, of course not!

So why blame IT? Because management doesn’t want to take the blame. UK banks need to start with new management. That management needs to direct and fund IT so they can figure what needs to be done and do it.

Management is always the answer to every business problem because they are responsible. Period.

And you can take that to the bank.

2. ITauditSecurity - May 28, 2014

Where are you, man?
Don’t give up on blogging. It helps you stay sane.
And let’s the rest of us know you’re still sane.
Hope cheer comes your way soon.
Your number 1 fan,

Audit Monkey - June 11, 2014

Number one fan as in that Stephen King novel?

3. ITauditSecurity - July 11, 2014

I gave up on King a long time ago…..don’t recall the reference, but I assume you mean a killer.

I’m no killer, I just steal your best ideas. At least I give you credit and an occasional banana.

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