ANZ's technology systems have been slammed in an internal review commissioned by the bank that warns a lack of IT investment could hit plans to become a regional superpower.
Prepared by Accenture, the report on corporate centre enterprise resource planning systems highlights operational risks, data inconsistencies and business continuity problems, according to the Australian newspaper, which has obtained a copy.
Accenture says ANZ's risk system - from Moody's Investors Service's Fermat - is unable to calculate off-balance-sheet exposures, claims the Australian.
Meanwhile, the bank's finance technology - running on Oracle - cannot meet regulatory requirements and the "current capital forecasting system in Treasury is inaccurate and requires standardisation". ANZ manually uses Microsoft Excel to manage financial information, a practice that "lacks automation, accuracy and appropriate controls," says the report.
The human resources system suffers from a lack of process controls, risking legal and regulatory non-compliance.
The Australian, citing sources, say morale among IT staff is low as investment in risk and finance systems is denied and the $10 million purchase of new Oracle Exadata boxes is still waiting for approval despite being recommended in November.
Report slams outdated ANZ Bank systems - The Australian