Bank fined $9.7m over poor IT governance

The UK’s Financial Services Authority (FSA) last week fined the Royal Bank of Scotland Group £5.6m for ‘failing to have adequate IT systems and controls in place to prevent breaches of UK financial sanctions’. You can read more about this incident on Alan Calder’s IT Governance Blog where he states:

‘It always seems to me a pity that organisations have to be pushed, by substantial fines, to do things that have significant business benefits’.

The business benefits that Alan is referring to are particularly relevent right now as we face public sector spending cuts and struggle to recover from recession. You can read more about these benefits in a recent blog post: IT Governance and ISO38500 will help organisations during times of austerity.

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