Those of you living on planet earth will undoubtedly by now have heard about the all time record losses at UK banking group Royal Bank of Scotland – at £24.1bn ($34.2bn), even that amount of money cannot be blamed solely on events outside of the Bank’s control.
Apparently the British Government, through Lord Myners, was aware of this obsene package, but was led to believe that RBS was contractually obliged to pay this money to Fred Goodwin. An astonishing reward for failure. Perhaps they should have put in place more effective mechanisms to track and manage their HR contracts?
Contract Management solutions like Dolphin Contract Manager would have been able to keep a record of key contract milestones and obligations and any authorised person would have been able to undertake thorough due diligence by interrogating RBS’s contract repository and creating the necessary management reports.