Large bank outsources operations tasks, gets walloped by rogue trader and fined 30m

[lexington_spurs]

Outsourcing contract had more holes in it than Swiss cheese. Much quickness, not very much cheapness.

oops

[BrilloPad]

Good find.

And of course UBS is shedding contractors too which is going to make things worse.

[Doggy Styles]

So this report, which highlights the information that would have exposed the rogue trader much sooner, went wrong and Bob said "OK, just stop delivering it"

Is that what happened?

I love Bob stories.

[Mich the Tester]

In danger of repeating myself, what on earth is the point of fining the company? Fine the individual wrongdoers. Fining the company just means they'll fire a load of people to save some money, and most of those people will be the innocent victims of whatever offence has been committed. Boss does something illegal, some low level admin person loses the job he's been doing for 20 years. Wow, that's justice.

[NotAllThere]

unnamed outsourcing provider

Oh come on. Someone must be able to dish the dirt.

[fullyautomatix]

Oh come on. Someone must be able to dish the dirt.

Wipro, Infosys, Cognizant, TCS.

Take your pick.

[craig1]

In danger of repeating myself, what on earth is the point of fining the company? Fine the individual wrongdoers. Fining the company just means they'll fire a load of people to save some money, and most of those people will be the innocent victims of whatever offence has been committed. Boss does something illegal, some low level admin person loses the job he's been doing for 20 years. Wow, that's justice.

I'm of the opinion that fining is an ineffective deterrent be it for individuals or companies. I have an alternative deterrent:

First offence: A punt to the nuts (or lady parts) of a corporate wrongdoer from everyone who loses out financially, be it a shareholder, supplier, client or employee. It's accepted that some people may be too infirm or far away to administer said punt to the nuts so it should be "outsourceable" to a professional nut punter.

Second offence: capital punishment.

It'll certainly make people think twice about signing that dodgy agreement without proper due diligence.

[OwlHoot]

Can't we just skip the "punt to the nuts" stage and go straight to step 2 ?

(Damned liberals! )

[Mich the Tester]

Can't we just skip the "punt to the nuts" stage and go straight to step 2 ?

(Damned liberals! )

Why would you deny 'damned liberals' and indeed yourself the pleasure of punting some tuliphead in the nuts?

[OwlHoot]

Why would you deny 'damned liberals' and indeed yourself the pleasure of punting some tuliphead in the nuts?

I was being ironic, but never mind.