What lessons have been learnt over the decade since Lehmans collapsed? (Part IV)

Four-part Big Question special

In the final part of our Lehmans 10th Anniversary Special, industry leaders and commentators reflect on the last ten years and discuss how the financial system has improved since the Global Financial Crisis (GFC), where more work needs to be done and what could trigger the next crisis.

Click here for part I, part II and part III Chris Probert, partner at Capco London A lot has changed in the past 10 years. Regulatory burden and customer scrutiny have increased dramatically; and cultural and technology changes have created new competition and opportunities. However, one major lesson which has not been learned is that complexity kills flexibility and creates risks. Banks are riddled with unnecessary complexity. Over the years, they have accumulated too many systems and processes, which, quite frankly, they do not fully understand. This complexity creates risk ...