Royal Bank of Canada Case Study - Free Essay Example

Sample details Pages: 8 Words: 2296 Downloads: 8 Date added: 2017/09/13 Category Advertising Essay Did you like this example? The Royal Bank of Canada experienced some fundamental managerial errors in May 2003. It was reported as a major â€Å"glitch† that had been caused by wrong configuration during the installation process. A simple problem had severely affected the lives of millions of people. In this essay I will discuss the security and control problems such as the simultaneous upgrade of both the main and back-up systems. This will lead into the strategies management could have used to prevent these problems happening in the first place and what they can do differently in future. I will also explain how management neglected the public relations side of the issue which had customers questioning the reliability and stability of Royal Bank of Canada ultimately leading to disloyal customers. Finally this essay will argue how well Royal Bank of Canada responded to the computer software issue and what they should have done differently to prevent the problem and ease the situation once it had happened. From the errors and mistakes made from the Royal Bank of Canada, other banks and industries can learn how to avoid them. Don’t waste time! Our writers will create an original "Royal Bank of Canada: Case Study" essay for you Create order One such bank in Australia is St George, in depth I will discuss the risks of malfunction or abuse customers may experience when dealing with the information systems with reference to relevant case studies. The Royal Bank of Canada was founded in 1864, and in just over a century had grown its total assets to over $413 Billion, had 60,000 employees and served 12 million customers. The Royal Bank of Canada set the benchmark in its industry and as you would expect was the first bank in Canada to install computer technology. On Monday, May 31, 2004 Royal Bank of Canada information technology staff made a programming upgrade which was designed to significantly improve the banking software. Unfortunately during the installation process, according to Martin Lippert, Royal Bank of Canada’s vice chairman, the glitch in the banks computer systems â€Å"was most likely caused by a single worker entering ‘a relatively small number’ of incorrect codes during the update. † You may ask, â€Å"Where was the security and control to supervise this critical procedure? This basically caused the system to crash, and to make the situation even worse managerial and control procedures that were intended to make fix the problem only exacerbated it. This caused a domino effect in the build up of work which meant the repairs took longer than expected and Royal Bank of Canada was struggling to make up the lost ground. Stakeholders in the Royal Bank of Canada were furious with the inconvenience and we re demanding answers to their problems. The first question most people asked was, â€Å"why weren’t backup systems used to maintain the flow of business operations while the main systems were down? And, â€Å"When was the problem going to be fixed!? † These issues were generated primarily due to the fact that operational control procedures contained fundamental errors. It’s concerning to discover that the CEO, Gordon Nixon and information technology specialists oversaw two fundamental errors. One, the new software should have been carefully tested before the installation process began – a critical flaw in which the organisation failed to pick up on even though its clearly stated in its policy to do so, and two, the upgrade should not have been simultaneously installed on both the main and backup systems. This would have voided the whole situation because the Royal Bank of Canada would still have had their backup system operating in the event of a malfunction. In defence of Royal Bank of Canada they did manage to fix these problems promptly and announced on the 8th on June 2004 that they had resumed normal business practices. However, Royal Bank of Canada came under heavy criticism for the way in which they handled the public relations. The chaos from within the organisation was made transparent to its customers, this made them feel nervous about the stability and security of their finances. In retrospect, I believe that the Royal Bank of Canada should have handled its public relations differently. It shows a lack of integrity and signs of incompetency when promises are not kept and policies are not adhered to. For example, the Royal Bank of Canada had assured that all systems and accounts would be normalised by Thursday, June 3rd. However, people were still experiencing difficulties with their accounts later in the week. The cumulative effect of its errors was widespread. Hundreds of thousands of other workers around Canada ran into similar delays or difficulties accessing their deposits. These people affected may have responded better to the delays had the main figure (George Nixon) of the Royal Bank of Canada been present to make the announcements. Overall the Royal Bank of Canada dealt with the computer glitch reasonably well. It was fixed quickly and effectively. For most customers it was only a matter of not having their account figures displayed at their fingertips which they were so familiar with, and the minority who did struggle, such as a law firm executive assistant by the name of Andrea Mitchell, was forced to ask her employer for a cash advance to make up for her temporarily lost pay check. Following the announcement that the bank had resumed normal business practices, they began the process of clearing up any banking fee errors, and resolved discrepancies from service charges and overdraft interest. They indicated that all accounts should be reflected accurately in customers following statements. To do this accurately RBC hired Crawford Adjusters Canada as its â€Å"administrator for non-banking related costs and losses in the banks processing disruption. The bank made claim forms available, by phone and on the internet and set a deadline of September 30, 2004 for customers to file claims. RBC handled claims under $100, leaving larger claims to Crawford. In addition RBC issued a formal apology and created a segment on their official website dedicated to detailed explanations of the computer problem which was kept updated throughout their progress. RBC also recruited IBM as a consultant to investigate the causes of the problem and provide guidance on how to avoid such problems with future transitions in technology. These precautionary measures, prompt help, and the simple claims to adjust banking errors went a long way in restoring the faith and loyalty between the bank and its customers. Any bank in the world can look at this case study and take something out of it. From an objective view, one obvious lesson to learn is ‘Don’t cut corners’. The Royal Bank of Canada somehow skipped out one critical procedure in the early stages of the upgrade in technology. There was a policy in place that stated â€Å"test the software before its installed. † How management failed to notice this was a basic error. Here’s one lesson Banks in Australia can implement, â€Å"be pedantic about following policies. † Also when dealing with change within an organisation ALWAYS have a backup plan. In the case of RBC they had no backup plan in the case of a malfunction in the computer systems. There are also procedures where RBC proved its competency and excelled in areas such as the great customer service it provided shortly after the commotion such as the website that was devoted to detailed explanations of the problem and updates on the progress of restoring its records. The bank also made claim forms available, by phone and on the internet for customers who had been affected as a result of the disruption or incurred bank fee errors. All Australian Banks can look at this example and derive various lessons, whether it be new security measures or new public relations strategies, all of these lesson’s can ultimately reduce the risk of one such event reoccurring. In conclusion, I believe the Royal Bank of Canada was able to move forward and learnt a lot from their mistakes. The mistakes were obvious and perhaps done out of indolence. The collapse of the banks computer system was caused by an error in the coding during installation. If the policy was adhered to and security procedures were controlled and supervised this fundamental error could have been negated. In connection to this, from a managerial perspective, the flaw of both systems being simultaneously updated should have raised an alarm. This was the second critical error that contributed to the disruption in banking systems. These simple errors in procedures had huge repercussions that should have been overseen by management. However what was done was done. The Royal Bank of Canada had an escalating task on hand to mend the situation. They had to restore the accounts and repair the trust in their customers. In the immediate aftermath, management and staff in general were confused and somewhat lost as to when the systems would be up and running again. It may have been optimistic or just naive to announce all systems and business would resume as normal within three days of the malfunction. In regards to that, this was the only flaw in providing customers with misleading information. Therefore the Royal Bank of Canada in my opinion handled all other areas of customer service reasonably well and was able to provide its customers with the help they needed. * Find and discuss references to Australian banks dealing with the risks of malfunction or abuse of their customer oriented information systems. ANZ employs various security measures to ensure that your transactions and personal information are protected. However, you as a customer can also play a big part in protecting your banking and personal information by looking out for the following; (â€Å"Internet Fraud Security Threats†) Phishing . Phishing is a scam where hackers fish for your personal details by using hoax emails claiming to be from financial institutions. This method continues to be favored by online thieves. (â€Å"Internet Fraud Security Threats†) Spyware 2. Spyware is a type of software that covertly collects user information while on the Internet. Viruses and Worms 1. An email vir us is the latest type of computer virus. It is transported through email messages and usually replicates by automatically distributing itself out to all contacts on the victims email address book. 2. A worm is similar to a virus. It exploits computers in a network that contain security holes. Once a security hole is found, the worm will attempt to replicate itself from computer to computer. Like viruses, worms can be equally destructive. (â€Å"Internet Fraud Security Threats†) Trojans. 1. Trojan is a destructive program that poses as a harmless application. Unlike viruses, Trojans do not replicate themselves and do not need a host program to attach to. (â€Å"Internet Fraud Security Threats†) ANZ’s goal is to provide its customers with the simplest and most effective banking services possible. The ANZ Fraud Money Back Guarantee means that if you suffer a loss as a result of a fraudulent transaction on your ANZ card, ANZ will credit your account with the amount of the loss provided you: (â€Å"ANZ The ANZ Fraud Squad†). * Didn’t contribute to the loss; and * Have notified ANZ promptly of the fraud. Credit Card Security ANZ credit cards are designed with the latest technology like ANZ Falconâ„ ¢ to help prevent fraud. As youll see below, theres also a wide range of other security measures to help protect your card including micro-chip technology, choice of pen or PIN, Verified by Visa, MasterCard SecureCodeâ„ ¢. â€Å"ANZ The ANZ Fraud Squad†). ANZ Falconâ„ ¢ worldwide credit card security 24/7 If we notice some unusual purchasing activity on your credit card via ANZ Falconâ„ ¢, well contact you to check that everything is in order. (â€Å"ANZ The ANZ Fraud Squad†). Pen or PIN? Authorising your credit card purchase is now a more se cure process with your choice of either a signature or PIN (Personal Identification Number). (â€Å"ANZ The ANZ Fraud Squad†). Security chipped cards Micro-chipped cards make it harder for credit card thieves to fraudulently copy your card. â€Å"ANZ The ANZ Fraud Squad†). Verified by Visa and MasterCard SecureCodeâ„ ¢ If youre shopping online, you can enable your card with these services that require a password and unique message to authorise purchases. With ANZ Falconâ„ ¢ security, Online shopping guarantee, micro-chip technology, choice of pen or PIN, Verified by Visa, MasterCard SecureCodeâ„ ¢ and ANZ CreditCover PLUS insurance, your ANZ credit card provides you with more protection than ever before. Now you can shop with confidence online, over the counter or over the phone. As you can see there are numerous security measures banks now have to carry out due to the increase in fraudulent behaviour. It’s not necessarily people who have become more deceitful it’s just that developing technology makes it so easy for fraud and con artists. This is why banks are always developing new security measures to keep one step ahead. (â€Å"ANZ The ANZ Fraud Squad†). Word Count: 1871 Bibliography 1) ANZ The ANZ Fraud Squad. URL: https://www. anz. com/auxiliary/security-centre/fraud-security-centre/fraud-squad/. ) â€Å"Internet Fraud Security Threats† URL: https://www. anz. com/auxiliary/security-centre/fraud-security-centre/protect-yourself/identifying-fraud/internet-fraud/ 3) â€Å"Royal Bank of Canada’s Software Woes Case Study† URL: https://www. pearsoneducation. nl/Laudon_9/pdf/E%20Case%20h9. pdf 4) Personal Banking Services RBC Royal Bank. URL: https://www. rbcroyalbank. com/personal. html. 5) â€Å"2008, Royal Ba nk Of Canada Annual Report† URL: https://www. rbc. com/investorrelations/pdf/ar_2008_e. pdf 6) Ian Austen, â€Å"Bank Software Woes Leave Many Canadians Without Money,† New York Times, June 7, 2004; 7) â€Å"RBC Admits Human Error, Scam Artists Act,† Ottawa Business Journal, June 10, 2004; 8) Lindsay Bruce, â€Å"RBC Glitch Still Not Ironed Out,† ITWorldCanada. com, June 7, 2004; 9) Chris Conrath, â€Å"Anatomy of a Snafu,† ITWorldCanada. com, June 11, 2004; 10) Paul Waldie, â€Å"RBC Calls in Help,† Globe and Mail, www. theglobeandmail. com , accessed June 19, 2004; 11) Mel Duvall, â€Å"RBC’s Account Imbalance,† Baseline Magazine, July 1, 2004; and CP, â€Å"RBC Still Making Up for Glitch,† London Free Press, www. canoe. ca , accessed June 19, 2004.

Procrastination Essay - 1141 Words

Procrastination nbsp;nbsp;nbsp;nbsp;nbsp;Procrastination is the avoidance of doing a task that needs to be accomplished. Procrastination has a high potential for painful consequences. It may interfere with our personal or academic success. nbsp;nbsp;nbsp;nbsp;nbsp; There are those of us who wait until the due date is a day away. I am not talking about making sure the money is in the bank. I am talking about putting it off because it is a tedious chore that we do not enjoy doing. Procrastination is a big problem for many, and one that can harm your career. Whether your procrastination causes you to arrive late at work or late for meetings, or keeps you from turning projects in on time, employers do not look positively upon it†¦show more content†¦If this is the case, begin at the beginning, with the first segment, and do it extraordinarily well. But only strive for perfection where it counts. The rest of the time, just do it. Remember, the next time youre procrastinating and cant seem to overcome it, stop and figure out why. Is the task even worth doing? If so, pick the appropriate solution based upon the root cause and youll whittle away those piles in no time. nbsp;nbsp;nbsp;nbsp;nbsp;Also procrastination can be stopped if you recognize self-defeating problems such as fear and anxiety, difficulty concentrating, poor time management, indecisiveness and perfectionism. Identify your own goals, strengths and weaknesses, values and priorities. Compare your actions with the values you feel you have. Are your values consistent with your actions? Discipline yourself to use time wisely: Set priorities. Study in small blocks instead of long time periods. For example, you will accomplish more if you study/work in 60 minute blocks and take frequent 10 minute breaks in between, than if you study/work for 2-3 hours straight, with no breaks. Reward yourself after you complete a task. Motivate yourself to study: Dwell on success, not on failure. Try to study in small groups. Break large assignments into small tasks. Keep a reminder schedule and checklist. Set realistic goals. Modify your environment: Eliminate or minimize noise/ distraction. Ensure adequate lighting. Have necessary equipment at hand.Show MoreRelatedProcrastination : The Problem Of Procrastination Essay1091 Words   |  5 PagesMany people believe that procrastination is derived completely from laziness but the culprit could be multiple things, including perfectionism. This can become a huge problem for perfectionists, especially perfectionist students. They most lik ely will overthink projects and put off getting started because they’re afraid they won’t be able to make them as perfect as they want them to be. Luckily this is a common issue among students and there are many different techniques to cope with it. StudentsRead MoreProcrastination And Procrastination Is Not My Problem Essay1668 Words   |  7 Pagesthink of procrastination the first word that comes to most of our minds is lazy. Laziness and procrastination seem to go hand in hand and often procrastination is caused by us simply being lazy. However, procrastination is a chronic and constant problem for many of us and while some of us may also be chronically lazy as well, most of us aren’t. I am, unfortunately, a person that battles procrastination and I can say that laziness is usually not my problem. I believe that procrastination comes downRead More Procrastination Essay1020 Words   |  5 Pagesto stay committed to doing so because I am a procrastinator. Ià ¢â‚¬â„¢ve gotten some help with my procrastination from various web sites. That’s why this evening I would like to talk to you about three important aspects of procrastination. These include the reasons for procrastinating, some symptoms of procrastination, and how to cure procrastination, but first, let me explain what procrastination is. Procrastination, though not officially classified as such, is a complex psychological behavior that affectsRead MorePerfectionism And Procrastination919 Words   |  4 Pages â€Å"Procrastination is a common form of self-regulatory failure with substantive connections† where the tendency is to put off tasks. (Steel, Farrari, 2013) Perfectionism is when one sets very high expectations often in an â€Å"overly critical manner† (Frost, Marten, Lahart,Rosenblate,1990). There’s two types of perfectionism, adaptive and maladaptive where adaptive components are beneficial to the situational and maladaptive components will be detrimental to the individual. (Piers Steel, Thomas BrothenRead MoreProcrastination On College Students : Procrastination2056 Words   |  9 PagesProcrastination in College Writing Out of all of the different questions I could think of regarding writing among college students and how each individual goes about doing their work in different ways, I decided the best topic that I could focus on was procrastination. Procrastination on college campuses seems to be a force of nature in and of itself, and seems to be prevalent in almost every students’ academic affairs. I surveyed a total of twelve students around the student center over a periodRead More Procrastination Essays932 Words   |  4 Pagesobjectives in your life which can effect others. Procrastination is almost like a drug in your life, because once you start doing it a little bit, it slowly adds up to a dependency that you will find to be common habit. Although this is what we all perceive procrastination to be bad, there are some benefits to it. It can have beneficial impact on how you take pressure, or how well you can act when time is limited. nbsp;nbsp;nbsp;nbsp;nbsp;Procrastination is something that you don’t naturally haveRead More Procrastination Essay526 Words   |  3 PagesProcrastination Procrastination is the act or habits of putting things off till the end out of laziness. Almost every student knows this dreaded word. They know if it becomes a habit, disaster happens with a sharp decline in school grades. But what they don’t realize is that procrastinating can actually benefit you in school. It can make you work harder, faster, and more efficiently on school assignments. Even life skills in the real world can be created from procrastinating. Procrastination canRead MoreProcrastination Research2781 Words   |  12 Pages Academic Procrastination and Academic Achievement Luciano, Kristel Joy A. ABPsych 2-2 Introduction to Psychology Psych 125 Academic Procrastination and Academic Achievement Nowadays, procrastination has been a common phenomenon happening in our daily lives. This practice can be observeRead MoreCauses and Effects of Procrastination764 Words   |  3 Pagesschool, college or even the workplace, many people tend to neglect an assignment that has an approaching deadline. It is merely impossible for people to claim that they have never waited until the last minute to complete a task. Recognizably, procrastination is not an unfamiliar term. I can vividly remember frantically attempting to complete a paper at almost two in the morning, just several hours before it was due. With my eyes heavy and my mind racing back and forth between my laptop screen andRead MoreThe Negative Influences Of Procrastination1344 Words   |  6 PagesNegative Influences of Procrastination We’ve all had a paper due on a Wednesday that we had known about for the past two weeks, but for some unknown and involuntary reason, we choose to save it for a Tuesday evening, which turns into a Wednesday morning as we frantically work to finish an assignment we probably could have finished in class over a couple of days. We may have been preoccupied those couple of weeks, with a job, or sports; maybe even putting together a fundraiser of some sort. Or maybe

Cross Cultural Field Experience Free Essays

Cross cultural experiences can be defined in many different ways. Some people view these experiences as a way to interact with individuals who are diverse, often experiencing things one would not typically experience within their own culture. A cross cultural experience allows someone to share within another’s culture. We will write a custom essay sample on Cross Cultural Field Experience or any similar topic only for you Order Now These experiences can enrich the lives of those who participate by offering experience, knowledge, patience and an understanding into ones culture. Jesus Power Assembly of God I had the pleasure of attending a Sunday worship session on June 2, 2013 at Jesus Power Assembly of God. This church is a bible based and primarily immigrant church located in Columbus, Ohio and founded by Pastor Bismark Osei Akomeah. Reverend Akomeah is the Senior Pastor of Jesus Power Assembly of God church. He has planted four other Assemblies of God churches in Cincinnati and Georgia. He has also created French and Swahili speaking churches. First Impressions My daughter arranged this visit for us since she has a friend that attends the church. As soon as my daughter and I pulled into the parking lot I realized that this was going to be cultural experience for us. We were the only people in the whole church that were not dark skinned. We were starred at. There were whispers behind our backs. We were approached almost immediately by Pastor Bismark Osei Akomeah with welcome arms. I am sure he was wondering how we ended up finding our way into his church as the first thing he asked was if we were invited by a member. Hailey and I found our way into the sanctuary and took a seat in the back. Truthfully I wanted to make sure I could make a break if we needed to. The music and the singing were phenomenal! There was a choir and a band and there wasn’t anyone sitting in their seats. All were up and praising the word of God. The singing went on for a good amount of time before we actually started the sermon. The people were friendly and welcoming. We were approached several times and encouraged to move up closer to the front of the church. Many people came by and shook our hands and spoke to us. In fact, I actually felt more important and â€Å"loved† at this particular church than I have ever felt at any other church I have attended. The Sermon The sermon itself was given in both English and Swahili. The church has large screens in which the words to the sermon were put on so that people could follow along. It was an active service. I was especially surprised at the events for the day. The service started at 10 am with an opening prayer. There was praise and worship for 45 minutes which consisted of a combination of singing and talking. For about 10 minutes following the initial sermon there was time set aside for the welcoming of visitors. Each person took the microphone and said their names and identified how they came into the church. Hailey and I declined to take the microphone and all were understanding and sympathetic. Following the introductions of visitors, there were announcements for the church, more songs and music. The Pastor took the stage at about 11:15 with the sermon for the day. The sermon lasted for about an hour and a half. This was an extremely long service compared to what I am used to at a typical church service. When the sermon was completed there was an additional hour of praying, singing and the passing of the offering plate. The entire service from start to finish was 3 hours long! The one thing that was surprising to me was the difference in the length of the service compared to what I have experienced in the past. The longest service I have ever been a part of was an hour, at the most. These people spent almost the entire day together. Once the service was completed they went into another room in the basement and had a huge spread of food they shared. Church to this group of people was a family event. They prayed together, sang together and broke bread together. There is a clear difference between a Swahili service and a Lutheran or Christian service. Conclusion This experience was an emotional and eye opening event for me. I was able to share in another cultures religious experience and the group welcomed me with open arms. Sharing this experience with my teenage daughter was a valuable lesson for her as well. Although I have always raised my daughter to be accepting of all people regardless of color, religion or culture, she was able to immerse herself in another’s culture and see what it was like. How to cite Cross Cultural Field Experience, Papers

Scores and Gaining Self-awareness free essay sample

Be spontaneous. Be honest. Be creative. Most of all dive deep!! Self- assessment results: Developing emotional intelligence: 84 Discovering self-motivation: 71 Accepting personal responsibility: 63 Believing in myself: 62 Adopting lifelong learning: 50 Mastering self-management: 52 Gaining self-awareness: 48 Employing interdependence: 40 By doing the self-assessment, I learned that my scores are pretty accurate to my personality. I am happy with my two highest scores because it tells me I am strong in those areas. I know what works for me to become a successful individual. As for my two lowest scores I completely agree with the results that came out to be. I need to strive for success and be more open when asking for help and meeting other people. Score : Developing emotional intelligence My score came out to be 84. I scored high in this area because I strongly believe I have always been the type of person to put my mind in something I wanted to accomplish. We will write a custom essay sample on Scores and Gaining Self-awareness or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I like to think positive about situations because I feel like if I dont then negativity can strive its way through and I will fail to succeed for worrying too much. Score #2: Discovering self-motivation My score in this area came out to be 71 . This is my second highest score I feel like this fits en very well because self-motivation is a big deal for me I like to commit to myself and go beyond then what is asked for. I like being motivated to conquer higher obstacles Score #7: Gaining self-awareness My score for this area resulted 48. I am a person that is aware of my own strengths and weaknesses. I feel like I can analyze my own character and personality but I have struggled too sometimes. Score # 8: Employing interdependence My score for this area came out to be 40. I scored low in this area because I strongly agree that I am a type of person who is too shy to ask for any type of help. I feel like I drown in a cup of water because I intend to do things on my own, not because I am Ewing selfish but because I struggle to understand things and then become shy to get help. By doing this self-assessment, I also learned some things I need to work on for myself. Opening myself to help when I need it motivate myself in getting out of my shell. I look to the positive side and believe that I can succeed. I will work on my weaknesses and then I will retake this self-assessment and hopefully get higher results on my weakness points and hopefully get the title of accomplishment.