Reading this article in FT about the FCA focusing on resilience from technology failures, I couldn’t help think “about time”.
It’s 2019, I can't believe IT hasn't been called out earlier with more significance and prominence.
It plays a fundamental role, in the performance of everything we do, from answering a simple email (mind you many of us would like that turned off sometimes), but more importantly to dealing with customers claims, processing policies, engaging with people, managing our staff and much much more.
This article also re-ignites the debate in my mind of - why is the CIO not on the board of every single organisation?
CIO’s need a seat at the table. Not to cover IT in general, but because they are the experts on cyber, infrastructure and large programme delivery. All the necessities for an insurer to thrive in today’s world. If these topics aren’t being discussed at Board level, then that worries me.
The Financial Conduct Authority has said resilience from technology failures will be one of its main focuses in its supervision of the financial services sector. It comes after several large companies struggled with large scale technology upgrades during 2018 - notably Aegon, Aviva and TSB.