Gerrad Olisa-Ashar looks at the issues surrounding boards’ governance of specialist risk and argues that most of the current frameworks are not sufficient.

On the weekend of 20–22 April 2018, TSB Bank moved the financial records of 5.2m customers onto a new core banking platform. Within hours, the bank’s call centres buckled under volumes they had never been built to absorb. By the following week, roughly 1.9m customers could not reliably see or move their own money. The customer, operational, and reputational damage was severe.

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