Research undertaken by The Institute of Financial Services supports the claim made by the FSA, that many companies in the City are not doing enough to safeguard themselves against a major disaster, such as the terrorist attacks of September 11th.
According to the Institute's research, commissioned by IBM, over a third of senior executives in the financial services sector interviewed by the Institute believe that the operational resilience programmes within the industry are ineffective and that many organisations remain overly exposed to risks.
Interviews with 115 senior executives in both retail and institutional finance companies reveal that only 51% of the organisations represented can definitely measure their operational risk exposure. A mere 46% have near real time operational risk detection systems in place and of the operational risk and compliance executives spoken to, only 69% claim to have access to reliable data.
