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Accountability

If you own a big company, would you allow your CEO, who isn’t related to you, to employ his own family members, relatives and village people to run your finance department, IT department, procurement department, HR department, account department… Every important faculties of your company?

Worse, many of these CEO Kakis are holding dubious paper qualifications from degree mills?!

What’s wrong with this arrangement?

It’s not even about fake degrees but Conflicts of interests. Good Governance will require good Checks and Balances within the company. To achieve good Checks and Balances, there must be good Separation of Powers.

But if all departments are occupied by close relatives, childhood friends, village kakis, spouses…. How are you going to effect good Separation of Powers, Checks and Balances and Good Governance?

This is the main problem with Singapore which everyone ignores. From running a country to GLCs, banks, civil service etc…

The whole banking system is actually in trouble. Simply looking at how money has been stolen from unsuspecting clients, there must be insiders working on it. It is not just about credit cards or debit cards details being leaked or stolen. They even know which customers infrequent user of their debit cards and thus, start stealing it on monthly basis of small amount, hoping that it will not be detected!

Only insider’s could provide such detailed data analysis to these thieves.

It is a serious problem of management breach and oversight, not just security breach!

The problem will not be resolved if banks are not taking serious view and steps in rectifying the fundamental problems of poor Governance due to HR hiring issues.

My friend had just met with unauthorized use of debit card. When it was reported to the bank, the bank did a hush hush returning the money with no more follow up.

That happened to me last year as well. No accountability at all and we are not told why such things happened! Has they found the culprits and fix the loopholes for these breaches? Zero. No sight no sound
Bad hiring practices will definitely affect quality of governance. But nobody is interested to look at the fundamental problem.

The fundamental problem is, the lack of diversity within the system, the management, the IT department..etc. If the whole IT department is hiring people from the same source, same village, same Town, same province, you are basically asking for trouble.

Same for Top management level, from accounts, finance, compliance to bankers …

The same applies to political appointees. Sri Lanka is exact bad example on what could go wrong if you start to have the whole government run by a single family!

And yes, they were all voted into power by the people!

I can only just pray for SG.

 

Goh Meng Seng

 

 

yyy
READER COMMENTS BELOW

13 Responses to “Accountability”

  • xoxo:

    Accountability comes naturally from people who treat their responsibility with gravity.
    It is non-existent otherwise.

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  • Good Governance:

    Need good governance.
    Should apply everywhere,including all listed companies and SMEs also.
    Need to address this problem,MOM should do more in this area to ensure companies are not filled with related FT employees not selected based on proper criteria.

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  • MarBowling:

    How to ENSURE that must be ACCOUNTABILITY and NO CONFLICT OF INTEREST when the JOKER WHO IS APPOINTED TO ENSURE THAT THESE 2 HOLEE PRINCIPLES ARE ADHERED TO IS ALSO FROM SAME FAMILEES!

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  • Temusik Patriot:

    Seng ah! SinCity is beyond prayer, when the sheep allow its evil shepard to slaughter & shear them at will…even hipocrites praising the Lord n agreed to the slaughter n shearing

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  • idontbelieveinccpbs:

    Our sovereign funds are in hands of foreign born.
    Go to MOM, mostly foreign born.
    Banking and finance industry also foreign born.

    Most have become PRs and new citizens.

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  • PAP has the mandate:

    How many times, did the auditor raises the lapses by various PAP government agencies….hahhahhahahahah. Stinkies voted in PAP, so no point KPKB.

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  • Make PAP a bad history lesson:

    Seems many are feeling Our SG is on the downhill slope.FAST!
    Something not so nice is going to happen sooner than later , is what many who use their braincells, are seeing.
    Prayers Wont help sadly.
    Our sgov is hopeless/ ineffective..
    So folks do the needful when the time comes.
    Its your right.! Remember that!
    You dont need to do anyone any favours.

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  • Harder Truths:

    Temusik Patriot:
    Seng ah! SinCity is beyond prayer, when the sheep allow its evil shepard to slaughter & shear them at will…even hipocrites praising the Lord n agreed to the slaughter n shearing

    Agree. Agree. Agree. $inkies are doomed. By next election the FT will decide who is in power.

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  • C’est la vie:

    ******
    It is the electorate of Sg, who has allowed this shit to take root and perpetuate itself into the shit show that is Sg today !!!
    ***
    ******

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  • Sorry state of affairs:

    OUR SG, a country betrayed and sold out.
    At least the brave SL citizens could protest.
    Here? All are gagged and handcuffed by all sorts of unfair rules and laws to disallow citics from even spkg the hard truths.

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  • Ahgong's Ownself Cheque Ownsel:

    You’re not counted as the 3rd most corrupted Crony-Capitalists in the world for nothing! The old guards with Dr.Toh and Dr. Goh at the helm led us to one of the third world’s most remarkable progressive nation’s – The Republic of Singapore! The orderly disciplined succession to the PEOPLE’S ACTION Party would have been achieved with a certain PM Ong Teng Cheong – but Ahgong played his dirty realpolitik to guarantee we would have to suffer under an Emperor Dowager swinging with his military oligarchy and his kaki lang nepotism.
    Bonafide opposition politicians are just too inconvenient without so much extra labour and cunning to fix them lah!

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  • theforgottongeneration:

    TRE’s best resident pappie-doggie argued it is not about accountability but about STYLE of leadership. Yup, Ah Loong’s No Leadership style is also a form of Style, correct? Getting three WORST election results in our history is also a form of Style, hor. Long runway still cannot fly is also a very intricate style to show performance. Not accountability, lah.

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  • Eddie Tan:

    Unwittingly SIN has an elective dictatorship, which was the quote that came from the opposition of Sri Lanka on the previous cronyism government.
    Even the known mistake by the Ministry of Finance to wrongly pay out $300m+ had to be crawled back without any blaming culture. If such were done by an opposition: mainstream media will be orchestrated to keep pouncing……..

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