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Credit crunch: IT systems come under pressure

www.computerweekly.com

When the credit crunch wiped billions off the balance sheets and share values of financial services companies, the hunt for a scapegoat began. Leaders in the financial services sector surely considered pointing the finger at unreliable financial risk data generated by their sophisticated software systems.

"If they could have blamed IT, they would have," says Bob McDowall, senior analyst at the Tower Group, a specialist research firm in financial services and IT.

But blaming IT was never going to let management and policy makers off the hook. "There been no allegations that computer systems did not do what they were programmed to do. This was not a malfunction, but there was a lack of qualitative judgement," McDowall says.

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