Germany’s largest financial institutions say that the prospect of IT failure is the biggest threat faced by Business Continuity Management. They’re also pessimistic about their ability to meet the latest regulatory requirements for data storage and reporting.
These are some of the key findings of Fintegral’s 2016 BCM Compass – a survey of BCM practices at 27 of Germany’s financial institutions, two thirds of which rank among the top 20 by balance sheet.
Despite the advent of tougher regulatory requirements, the BCM Compass finds significant variations in the grade and maturity of institutions’ implementation of BCM.
Banks have experienced onsite inspections by the European Central Bank (ECB), in particular on matters relating to the Supervisory Review and Evaluation Process (SREP).
An improvement in IT infrastructure is needed to bring them into the Big Data era. Only 20% of respondents believe they will meet the standard of data storage and reporting required by BCBS 239 and Germany’s MaRisk.
A summary of Fintegral’s survey data is available on request.