Last week, the U.S. House Financial Services Committee’s Subcommittee on Oversight and Investigations took up the issue of how technology can be employed to improve TARP and financial services oversight. Technology can always be improved upon, of course. But an additional element is needed to better manage things that get out of control—greater trust in the information our systems are generating.
Testimony by Dilip Krishna, a specialist in risk and financial management for Teradata’s financial services and insurance organization, summed up the challenge facing an industry built on trust: trust breaks down in the absence of transparency. We have plenty of technology for slicing, dicing and parsing data, but that’s not going to prevent another meltdown such as we saw at the end of 2008.
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