Can I have that in writing?

What happens if you do a reorganization and delete a department head without clearly establishing who’s going to pick up the various responsibilities of that department?

Apparently, Credit Suisse wasn’t clear, so now there’s a “discussion” of who was responsible for $1 billion in losses from a department that no longer had a manager.

“Inside Credit Suisse, Finger-Pointing and Confusion Over $1 Billion Loss,” The Wall Street Journal, April 29, 2016 C1.  In October 2015, the global head of fixed income stepped down (or was stepped down).  Between then and January 2016 or so, no one was watching that store.

Lesson:  close the loop and connect the dots.

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Filed under Board, Business Case, Business Continuity, Communications, Controls, Directors, Duty, Duty of Care, Governance, Internal controls, Management, Operations, Oversight, Oversight, Protect, Protect assets, Protect information assets, Risk

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