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August 17, 2012

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Hubert Laird

Nice thought provoking one again Chris...
You give 3 reasons for the exposure but perhaps assumed the most important one - People. The reason the risk is increasing exponentially is that the people who understand these 30 and 40 year old core bank systems and code module interdependencies are now retiring, being retired, or subject to lay-off programmes. So just like in 'The Machine Stops', 'The Mending Apparatus' is loosing its capability. It is this factor which is ratcheting up the operational risk. Bank executives should note that hope and prayer are no substitute...

MarkMixter

Thought provoking piece - perhaps we're facing a technological cliff as well as a fiscal one

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