Oracle's 'European Confidence Report' found that, of 228 financial institutes surveyed, 41% did not currently assess risk and performance together. Only 18% of respondents reported an ability to deliver performance and risk information to the business in real time
The research also found existing IT systems were unable to deliver what the business needed to react immediately to external events.
Only 26% of the financial institutes surveyed said they were confident their existing IT system were capable of using stored data to provide a full risk analysis across all business units.
Additionally, almost half of all participating banks were not confident of the accuracy of their risk and counterparty related data
Nazif Mohammed, vice-president EMEA, Finances Services, Oracle said: "This research highlights that there is still a long way for financial institutions to go to confidently manage their information. Outdated or irrelevant data hinders effective decision-making and performance. Without complete visibility into the business, financial institutions will continue to be unable to react to market conditions as they occur."
This story was first published by Computer Weekly