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What went wrong at Singapores DBS Bank?

Raja Venkateswar | July 12, 2010
The fact that there was an IT failure at a leading bank is by itself not entirely surprising. But seven hours and more to set it right with a possible virtual band-aid was surprising indeed.

The last point is probably the one area where my personal experience shows that institutions could be more diligent in developing processes for newer applications (deployment is often fairly rigorous though) and a focus on a service-oriented architecture (SOA) application development could ease some of the stress. However, better application management wont assist in the outages faced by this Singapore bankin all probability and judging by the press information, this seems to be a hardware / network related issue.

The importance of having a stable, high-performance system cannot be under-estimated technology is the backbone of banking today and Basel II recognised the importance technology and processes play in risk management.

Well, if nothing else, financial institutions that follow enhanced processes for IT management could be liable for less capital allocation. In fact, I had written articles on this earlier, which could be accessed here for further perusal:

Operational Risk: an introduction

Mitigating Operational Risk in Outsourcing

One of the key topics to consider and think through isis outsourced maintenance actually less risky? I dont think there would be a straight answer to this one but one could perhaps base a recommendation on the available people, process, and platforms at the institution in question.

Raja Venkateswar is an engineer from one of Indias leading engineering institutions (IT-BHU) and has spent the bulk of his 19-year career working in, consulting for and developing IT/BPO/KPO solutions for the financial services industry. He is now based in Australia and works with 3i-Infotech (www.3i-infotech.com) - a leading software solution, products and services provider as country manager (Australia & New Zealand & head of IT services & solutions Asia Pacific). He can be reached on Venkateswar.raja@3i-infotech.com or nrajav@gmail.com

 

 

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