Survey: Risk technology below par

Ernst & Young LLP today released the findings of its inaugural Managing Information Technology Risk study. Forty percent of financial services executives indicated that their organizations lacked effective coordination of information technology regarding risk and compliance activities. In addition, 35.8% of respondents stated that their risk assessment systems had no common control library or were not sure if one existed. Even more troubling were the 37.2% that stated there was no common risk language that was broadly accepted and understood throughout their organization. Eighty percent respondents anticipated an increase in IT Risk Management technology investments in the next 12 to 18 months. Responses were returned by members of senior management —chief information officers, operational risk officers, department heads and the like — at 145 global financial services institutions. All the firms had assets in excess of $10 billion and half the firms had assets of more than $250 billion.