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Rank sort all of your transactions by size. With 100% probability require double signoff from two senior bankers on all top 5-percentile transactions.
by rdlecler1 9y ago
Rank sort all of your transactions by size. With 100% probability require double signoff from two senior bankers on all top 5-percentile transactions.
- jgalt212 9y agothat's in the 1000s if not 10s of 1000s of transactions a day.
- benchaney 9y agoTop 5 percentile is way to many, but I think the principle is sound.
- megaremote 9y agoComputers are very fast at sorting even 10s of 1000s of numbers these days!
- derefr 9y agoThey meant that, at a bank's scale, "the top 5-percentile" requiring human sign-off would mean 1000s of transactions per day requiring human sign-off.
- sthlm 9y agoFrom the article: > “A bank mistakenly making such a large transfer shows its controls aren’t working adequately, and it’s embarrassing,” said Dieter Hein, an analyst at Fairesearch Also: > The error should have been caught by an internal fail-safe system known as a "bear-trap," The issue is not that someone said "let's not have any controls", but that the controls failed. Additionally, yes, ranking all transaction and double-checking the big ones should probably be part of a fail-safe, but I assume that even more harm could be done by a larger amount of minor issues that go unnoticed over a longer period of time.
- jgtrosh 9y agoI think such a system would just get humans used to seeing many large transactions and deal with them repetitively. If you can't make special events pop out more you're not really fighting against the freak accidents.