Financial institutions need to make more use of risk management technology to improve the processes behind their decision making and performance management, a new survey by Oracle claims.
Nearly half of the financial institutions do not have the tools to assess performance management and risk together, according to research by Oracle Corporation.
Nearly three-quarters said that their IT infrastructure was not capable of utilizing stored data to provide a full risk assessment. Additionally, almost half expressed a lack of confidence in the accuracy of data related to risk.
"Financial institutions must integrate risk and finance to provide a solid foundation for the future. This research highlights that there is still a long way for financial institutions to go to confidently manage their information," Nazif Mohammed, vice-president EMEA financial services at Oracle, said.
"Outdated or irrelevant data hinders effective decision-making and performance.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," he added.
Further findings from the study showed that only 18% of respondents could deliver risk management analysis in real time.
The survey questioned more than 200 finance professionals and a further 200 plus financial technology executives from across Europe. (BBJ)