Give Financial Services “Sharper Teeth” Over IT Outages: Treasury Committee

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The frequency and severity of financial services IT failures is “unacceptable” MPs warned today, calling for regulators to be given expanded powers to ensure improvements are being made by businesses across the sector.

“Firms are not doing enough to mitigate the operational risks that they face from their own legacy technology” the Treasury Committee agreed in a new report, highlighting bungled change management as a leading cause of recent outages.

Businesses may be cutting corners to reduce change management cost, they warned: “Poor change management is one

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