Incomplete, Inconsistent Data Creates Lack of Confidence Across Europe’s Financial Institutions

Redwood Shores, Calif. – July 19, 2010

News Facts

•Research released today from Oracle reveals senior business and IT managers across Europe’s financial services institutions believe there needs to be more emphasis placed on risk management when it comes to decision-making and performance management

•The research, titled “The European Confidence Report,” also highlighted significant issues with the availability of risk and performance related data, as well as the readiness of the IT systems to meet increasing regulatory demands

•The research, conducted by Vanson Bourne, surveyed 228 financial services professionals and 222 IT professionals in financial institutions across Europe

Key Findings of the Research

•Financial institutions are not leveraging integrated risk information in decision-making:
- 41% of financial institutions surveyed do not currently assess risk and performance together and only 18% of respondents reported an ability to deliver performance and risk information to the business in real-time

•Existing IT systems are unable to deliver what the business needs to react immediately to external events:
- Only 26% of respondents are confident that their existing IT system is capable of using stored data to provide a full risk analysis across all business units
- Almost two-thirds (64%) do not have confidence that IT is able to provide a 360-degree view of the entire business. For example only 32% of the participating banks claimed they had access to vital data like counterparty information and 25% of the participating UK banks couldn’t even produce this information

•Financial institutions do not realise the impact risk can have on overall performance:
- The vast majority (85%) of respondents from the banking sector do not have performance management systems completely integrated with risk analysis systems
- Additionally, almost half of all participating banks were not confident of the accuracy of their risk and counterparty related data

•For full findings and research data, please go to: http://bit.ly/bO6x3r