Is the RBS way the right way?
Author | Lees, Gillian |
Position | From the blogs |
Following the computer systems failure at the Royal Bank of Scotland (RBS) recently, which left millions of customers without access to their bank accounts, RBS is now considering legal action against its technology suppliers. But I don't know if you spotted the following interesting comment in the Financial Times.
"The board of the bank, which is mostly owned by UK taxpayers, spent much of yesterday debating the software failure at a strategy day that was to have focused on longer-term issues."
Now, I'd better declare my interest in RBS. I am both a private shareholder, as well as being one by virtue of being a UK taxpayer. I am also a customer and former employee. I'm going to look at this question from a perspective of whether the board was practising good governance.
On the one hand, this was a major problem for RBS, with repercussions for its reputation. It was entirely right for the board to discuss it, understand how it had occurred and ensure that the response was adequate. I've got no problem with that. But all day? And at the expense of longer-term issues?
This begs the question of where the boundary between strategy and tactics lie. You could argue that banks are such crucial "public...
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