GIC reviews

A lot of initiatives on all levels, with different agendas and KPIs - which results in a lot of overlapping work and lack of focus.

Over the past years the budget direction and IT strategy have changed course drastically a couple of times. Years of huge expansion followed by massive outsourcing followed by in-sourcing again and now they are cutting cost again. Talks about accountability but it is missing at senior levels. Security is taking every team's resource for free and there is constant outcry of resource shortage but yet things just get worse. Recently the cost cutting and restructuring (layoff in disguise) has intensified because of senior management changes. That caused a lot of harm rather than help to the foundations of corp service departments. Problems are still there, a lot of turnovers causing knowledge loss and disruptions to ongoing work, and the change of IT leadership again (to non-IT people) means there may be another major turning of IT direction. Fundamentally, its investment performance has not been great, so operating cost is under scrutiny. Look at investment companies that are doing well - they keep expending - getting good people and keep them there. GIC did not do a good job in this regard.