News Release Bank of England publishes independent review of RTGS outage. Available as PDFThe Bank of England today published the results of an independent review by Deloitte of the disruption to the Real Time Gross Settlement RTGS system on 2. October 2. 01. 4. The Bank also published its response, in which it accepted all of the reviews recommendations and set out how it intends to implement each of them. On 2. 0 October 2. RTGS system after a nine hour service disruption, Governor Mark Carney announced that the Bank would commission an independent review into the causes of the incident, the effectiveness of the Banks response and the lessons to be learned. The key findings of the independent review are i. The root cause of the incident was the introduction of defects as part of functionality changes made to the RTGS system in April 2. May 2. 01. 4. ii. All submitted payments total value of 2. The outage caused inconvenience to RTGS participants, and by consequence, to their customers most notably a delay to some housing transactions. Among the lessons learned, the incident has highlighted the need for the Bank to further consider the contingency solutions for RTGS, as well as the future development of the system. In addition it highlights the need to strengthen the Banks crisis management framework. The Bank apologised to those who were affected, and implemented a compensation scheme to cover claims for costs incurred. Affected parties were advised to contact their bank or building society and the Bank undertook to reimburse all claims paid. To date the Bank has settled nine claims totalling approximately 4,0. A series of actions taken by the Bank, in parallel to Deloittes review, have already addressed several of the reviews recommendations. The Bank has reconstituted its RTGS Board, now chaired by the Deputy Governor for Markets and Banking, and is putting in place an enhanced crisis management framework. All of the remaining recommendations will be implemented as soon as possible, as detailed in the Banks response. Minouche Shafik, Deputy Governor for Markets and Banking, said The RTGS system is vital to the effective functioning of the UK economy and the financial system. Participants in the RTGS system and most importantly, their customers rightly expect it to meet extremely high standards of service, availability and resilience. Sims 3 Dryer. The Bank is committed to meeting those high expectations, including through the full and timely implementation of the recommendations contained in this independent review. The Bank of England is responsible for the operation of the RTGS system, through which it acts as settlement agent to the UKs main interbank payment systems. Deloitte Value Map Pdf' title='Deloitte Value Map Pdf' />In this role, the Bank provides ultimate, risk free means of discharging payment obligations between parties. The Bank is grateful to Deloitte appointed by Court for the independent and thorough review it has conducted. The review had the full cooperation of the Bank and benefited from input from affected stakeholders. Deloittes report outlining the results of its review is available on the Banks website, in appropriately redacted form. Deloitte Value Map Pdf' title='Deloitte Value Map Pdf' />Those of us who have spent years studying data smart companies believe weve already lived through two eras in the use of analytics. We might call them BBD. The new organization Different by design. Figure 1. The 2016 Global Human Capital Trends research identified 10 important trends. Graphic Deloitte University Press. Available as PDF The Bank of England today published the results of an independent review by Deloitte of the disruption to the Real Time Gross Settlement RTGS. The Banks response to the review is also available on its website. Learning-styles.jpg/700px-Learning-styles.jpg' alt='Deloitte Value Map Pdf' title='Deloitte Value Map Pdf' />Horse racing Ice hockey Karate Olympics Racing Motorsport Asian Games or Asiad are a multisport event taking place every four years among the athletes from all. ABOUT US. We value excellent academic writing and strive to provide outstanding essay writing services each and every time you place an order.