Yes, the Oscars ceremony had its information mix-up, when Warren Beatty was given the wrong envelope. But who was (and “was” is probably the operative word) in charge of calculating and communicating the cost basis for stock?
“Morgan Stanley Gave Clients Wrong Data,” The Wall Street Journal, February 28, 2017 B9. Firm miscalculated the cost basis, and therefore the gain, on sales of stocks by the firm’s wealth-management clients for 5 years. Anticipated cost: $70 million.
How do you ensure that the right information is getting to the right place (person) at the right time? What controls do you have in place? Are those controls people, process, or technology? While it took PWC a few minutes to correct the error at the Oscars, it took Morgan Stanley five years. Who had the better process?