Report: Bank Outage Shows Failure in Crisis Management
Last October, the BoE suspended transfers of nearly 300 million pounds (about $447 million) after a technical failure. Though most of the transfers were eventually completed that day, almost a third of house purchases weren’t completed until the next day or even later.
From the report: “In the absence of … robust crisis management arrangements within the Bank, there were insufficient resources in place to co-ordinate and communicate response activities.”
Other alarming issues: