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Singapore's DBS Bank rebuked by MAS

Zafar Anjum | Aug. 5, 2010
DBS ordered by government authority to set aside an extra S$230 million as a buffer' against any future problems.

IBM said it has taken steps to enhance the training of all related personnel on current procedures. The IT company has brought in experts from its global team to undertake a root cause incident report with recommended actions.

Immediate review of IBM support

According to IBM, other corrective procedural actions include:

•    Immediate review of the operations of the regional IBM support;

•    Monthly recertification of every IBM engineer involved, on the most current procedures;

•    Enhancements in the escalation processes for incident diagnosis and recovery, plus;

•    The appointment of technical advocates from IBM Development to provide deeper technical expertise to DBS.

IBM also said its personnel directly involved with this incident have been removed from direct customer support activity and disciplined. IBM has also appointed technical advocates from IBM Development to provide deeper technical expertise to DBS.

Measures to strengthen our technology and risk management controls are also well underway, said DBS CEO Gupta. Twelve months ago, DBS commenced a two-year programme to enhance our system reliability and resilience and we are accelerating the implementation of these initiatives. DBS is deeply sorry for the outage and once again, my apologies to our customers for all the inconvenience caused.

 

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