Sunday, November 28, 2010

Chaos at the National Australia Bank

At this time the hottest seat in the corporate world has to be that of the CEO of the NAB. This bank has the worst nightmare any senior manager and I.T. manager will ever face. NAB says that a corrupted file has contaminated customers' records, resulting in delayed payments, phantom debts, and unusable ATM machines and EFTPOS terminals. (I wonder if anyone also reported extra money appearing in their account?). Basically the system has been brought down to its knees and NAB customers brought down to tears. The problem may even be contaminating the entire banking system in Australia. This is BIG.

While it is too early to start pointing accusing fingers, I think it is time to reflect on the CEO's role. The CEO is given a ridiculously high pay, while the critical jobs are done at the lower levels. When everything is fine and profits are rolling in, the CEO takes the credit and a giant slice of the profit cake. Let's see what happens now when the dust has settled on this computer fiasco. It is time to realize that the CEO is not sacrosanct.

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