JSE Bosses Lose Bonuses after Failed IT Project

[marco79]

What I want to know is who is Accenture and whether they only milked the cash cow or did they actually do anything on this project over the last few years?

 

[House]

What I want to know is who is Accenture and whether they only milked the cash cow or did they actually do anything on this project over the last few years?

Interestingly, if you read FMs article on this *****up, the JSE went into an agreement with Accenture in order to resolve the issue. The agreement apparently entailed the JSE employing the whole development team and taking over management over them from Accenture.

The fact that they wrote off the losses tells me that they have totally stopped the project and are now sitting with the idiot developers who could not complete it in the first place.

 

[nivek]

Accenture?
I was expecting this to be about Gijima

 

[Syndyre]

Interestingly, if you read FMs article on this *****up, the JSE went into an agreement with Accenture in order to resolve the issue. The agreement apparently entailed the JSE employing the whole development team and taking over management over them from Accenture.

The fact that they wrote off the losses tells me that they have totally stopped the project and are now sitting with the idiot developers who could not complete it in the first place.

They haven't stopped the project totally, its delayed but it is ongoing.

 

[unskinnybob]

Good example. Govamund, take note.

 

[Ecco]

Interestingly, if you read FMs article on this *****up, the JSE went into an agreement with Accenture in order to resolve the issue. The agreement apparently entailed the JSE employing the whole development team and taking over management over them from Accenture.

The fact that they wrote off the losses tells me that they have totally stopped the project and are now sitting with the idiot developers who could not complete it in the first place.

The impairment is related to the Market Services Solution (MSS) - this was a packaged solution, development of this was done by the software vendor. If i am not mistaken, that firm was employed by the JSE.

 

[Stochos]

They've already lost their bonuses, that's more accountability than government has shown. The difference between government and the private sector is that in business if you screw up you lose customers, your share price drops etc and eventually you'll either be chucked out or go out of business.

With government you have to pay taxes regardless.

All true with regards to government, but this the JSE, there is only one stock exchange. It is a monopoly. They are NOT going to lose customers.
Newton King and the EXCO should step down.

This kind of behaviour of losing money and getting a tap on the wrist is true for almost the entire (white) financial sector.

For example, Tom Boardman bankrupted two businesses and then went to be head of BOE; which went bankrupt, it was bailed out by Nedbank. And then....he become the head of Nedbank. Through all these failures he managed to earn more money each step of the way. Viva White Economic Empowerment!

ONLY IN SOUTH AFRICA!!!

 

[Stochos]

There were stuff-ups in London when the "Big Bang" took place many years ago. At the time it was hushed up, but an article in The Economist in 2010 mentioned the losses due to failed trades at the time. Was considerably more than R 300 million

NO excuse; particularly because the LSE was implementing new technology.
The JSE is merely copying what was already done in London.