Ann: Management Update, page-10

What other forecasts Japon?

I think, while unfortunate, it says a lot about George and IAM's role for him.

The writing is on the wall here. Senior leader within CBA's financial planning, gone across to IAM, now delivering the pilot and working with CBA to get it correctly implemented.

Bit of related party strength never hurt anybody.

Also goes to show that a man who's been in the business for what? four months? Is now entrusted with the executive director role. Wonder why. Could be that IAM is the answer CBA requires? IAM is being purposely designed and fitted for CBA? CBA are using this as a vehicle to appease requirements for reducing agency conflicts within their firm by outsourcing the key aspect of their FP business which was under scrutiny for shady practice and lack of controls? By reducing back office and internal administration requirements, they're not only adding security and derisking bad practices with SOA's, they're also making it significantly cheaper. I believe as well George is there because CBA is making sure IAM can achieve and succeed at every stage of their requirements. I imagine compliance costs and risks which CBA need to check off before rolling this out is causing the slow uptake. Must be going well though. They've had auditors to the outsourcing centre and we're now three months in. If there was a significant issue or risk involved I doubt CBA would still be there.

I won't be surprised if next 4c/FY18 accounts we see their revenue practically stagnant. I can only seem them processing so many SOA's at the moment with CBA. Tech onboarding for banks is like a tap. You let it leak and drip until you're certain there are no faults and it meets your internal security/compliance checks, then you turn the faucet and let it run full steam ahead. Especially with the concern about privacy such as PCI compliance checks which are running countrywide for every business, it just adds another layer of requirement IAM needs to have before it's fully implemented.

It's always rare to have a company tell you the internal politics and structure of their management team. Best we get are small flags through their actions. This is a pretty big flag.

Hoping MF recovers soon. The poor man!