Put yourself in this scenario. You have just started working at a regional branc
ID: 388471 • Letter: P
Question
Put yourself in this scenario. You have just started working at a regional branch of Iontaofa Bank. Iontaofa Bank’s has its headquarters in Ireland and has recently expanded into the southwest USA by acquiring several existing independent banks. Your branch is located on the USMexican border and has a mix of US and Mexican customers.
The day you start work, the bank discovers a massive data breach that potentially exposes all of your clients’ financial information. The breach poses an extra problem for your bank because its competitive advantage rests on customer trust. To make the situation more difficult, the breach apparently occurred one month ago, and the FBI has asked the bank to wait two weeks to tell your customers while they can try to track down the culprits before they find out their theft has been discovered.
Everyone has been called in to help develop plans for dealing with the situation. The bank president wants to use your knowledge of multiple business areas since she feels your recent degree gives you an overview of the different bank areas instead of any one specific perspective. She wants your input on the following:
What information the bank needs from each major operational area (accounting, finance, information systems, management, marketing, operations, etc. – the areas you gained knowledge of in your business program) to present to deal with the breach’s fallout.
What ethical obligations the bank has to its customers because of this breach, and how might the multi-cultural makeup of your bank and customer base influence your ethical obligations.
What should she (as branch president) be aware of to motivate her followers in dealing with the extra work generated by the breach, and how to help them reassure customers and financial stakeholders that the bank can retain their trust.
The write-up should be no longer than five pages and will be evaluated on the following areas: general business knowledge skills, critical thinking (problem-solving), writing quality, ethical understanding, leadership recommendations. Thank you in advance!
Explanation / Answer
ANSWER-
1-INFORMATION NEED TO DEAL WITH DATA BREACH FALLOUT-
As the bank is handling the mix of multicultural cutomers of mexican-american.the breach of data was very serious condtion infront of the bank beacuse the financial & personal data of the customer can be misused by the breacher. the information need at each operational are can help to deal with the breach fallout-
from accounting & finance field,the information includes the balancesheet of past years, profit & loss account documents, bearer bonds info, source of income statements, customer transactions data, etc. employees at bank in this department should be able to recover & handle all of these to back in line which would be difficult & time consuming but there is not many other options left for them.
from information system department, the information need should be to retrieve the backup of the data as much as possible. IT department should put all the efforts to backup & improve the current security standards so that next situation like this will not arise.
from management department, the executives at top level should provide more focus on this situation & motivate the employees at lower level to work hard & efficiently. management should also make new standards, rules & regulations to handle current situation. management should also see the cost-benefit analysis of the current situation & for fututre situation too.
from marketing & operation department- the information from this department could be launching attractive plan for marketing of the banks product to maintain the current customer base & attract new customers.operation should include all the data reports weekly, monthly & yearly to check the trends between the past & current situation of the bank.
2- ETHICAL OBLIGATIONS OF THE BANK TOWARDS ITS CUSTOMERS-
the obligations towards customers are following-
3- THE EFFECT OF MULTICULTAL ENVRIONMENT ON THE ETHICAL OBLIGATIONS-
THE multicultral environment of the bank makes its operation more complex as they are to handli people with different-different cultures,language,religion,caste,taste etc. but the ethical obligations does not influenced much because whoever the customer from any culture,background or counrty,the ethics is same to each & everyone which means decide what is right or wrong, what is fair or unfair etc.
bank & customer both have ethical obligations towards each other means in this type of sitaution, bank should tell them the truth in their respective language & never hide anything like wise customers should also understand thier situation & cooperate with them & also update them if customer feels any suspicious actiivity on thier account.
4- ROLE OF BRANCH PRESIDENT IN LEADING THE EMPOLYEES & RETAINING THE TRUST OF CUSTOMERS & STAKEHOLDERS-
As a branch president, she plays a very important role because she can be the reason to align the coordination between upper managemnt & lower management. as a manager she should motivate & lead its employees to work extra to recover the fallback cause of data breach. she should not only talk but also do in action. she should lead them by example by doing extra hours by herself. she should also help employees to tackle the furious customer cause of this situation & calm them down. customer should be tackled in such a way that they support the bank's decision. employee can provide extra benefits to customers on loans, investments etc because customer is everything to them. as for the stakeholders of the bank, she should provide them with each & every report of the bank's situation & tell them that now they are recovering & will be back on track in some time. she should tell them that there investment in bank is so loss they still will get theri interests, dividends from bank.
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