The January 24th edition of the Sunday Times reports that Andrew Tyrie, UK Treasury Committee Chair, is calling for UK banks to open up their boardrooms to IT experts. This is an interesting development because I noted noted during my qualitative research on risk governance mechanics of bank boards, the issue of cyber risks came up repeatedly, whether in operational risk assessment or risk appetite setting. Tyrie is quoted as saying Every few months we have yet another IT failure at a major bank. These IT weaknesses are exposing millions of people to uncertainty, disruption, and sometimes distress. Business can suffer too. We can't carry on like this...
City AM develops this story and confirms that RBS, Barclays and HSBC have all experienced major glitches in the IT front. Proposed policy changes made by Tyrie include more investment into robust IT systems, a new IT specialist unit within the regulator to monitor such shortfalls and remedies, and adding IT geeks to the bank board. As a IT friend of mine says: If at first you don't succeed; call it version 1.0!. The CityAM article on this subject can be found at: http://www.cityam.com/232988/banks-told-to-fix-failing-technology-and-put-it-experts-on-board-by-andrew-tyrie-after-rbs-barclays-and-hsbc-online-banking-issues
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