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A Finextra member
A Finextra member 02 September, 2010, 05:03Be the first to give this comment the thumbs up 0 likes

Cricket anyone?

Dave Kershaw
Dave Kershaw - Ulster Bank - Belfast 02 September, 2010, 10:41Be the first to give this comment the thumbs up 0 likes

Sport teaches us that if there is a gap or loophole in the rules, someone will eventually discover it and exploit it - until it is banned by the rules. Sport is littered with examples, ranging from the F1 example above, to bodyline bowling in cricket, through to the backpass in football.

Evolutionary biology is similar - altruism (i.e. self regulation) only works if all sides benefit. Cleaner fish are not eaten when they clean the mouths of larger fish, as the former benefit from the food they find and the latter benefit more from a clean mouth than a quick meal. In the financial world, FIs all get together to fight fraud, as the disadvantage of one organisation facilitating fraudsters would be outweighed by the sanctions the others would apply to it.

Otherwise, the rules applied by nature (the regulatory environment) are all that counts.

John Cant
John Cant - MPI Europe Ltd - London 04 October, 2010, 08:04Be the first to give this comment the thumbs up 0 likes

Given the discussion above, it was interesting to see in the news last week that Contador has been suspended by the cycling governing body for a drugs irregularity found during this same event. So could this be the final confirmation that he had been prepared to do anything, fair or foul, to win this iconic race for the third time? Well the jury is still out as the amount of the banned substance found in the test is so small that Contador argues it could have entered his system through contaminated food. The same chemical is used (illegally) by farmers to promote growth of lean meat by their cows. In a further parallel between sport and business life, the Contador debate on the web has generated those supporting the current method of regulation and those advocating nothing less than a complete culture change.

John Cant

John Cant

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MPI Europe Ltd

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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