Contributed by David Furlonger
Today’s WSJ suggested the Euro currency was finished: Banks Prep for Life After Euro
This is another news article, in a continuing stream, that has become more intense over the last several months. The question is, are IT professionals, as opposed to economists and maybe politicians, prepared for a redenomination of a major world currency?
Our clients offer a mixed response. Some clearly have been running contingency scenarios. Others seem oblivious to the fact that full euro currency disintegration, or some form of eurozone realignment should influence their 2012 strategic plans. Many seem unsure of what they can do, regardless of the scenario that unfolds.
Certainly, this is more than just a financial services or governmental situation. Any organization with European interests needs to understand the impact on its business and critically IT organization should there be such a substantial a change in the political or financial environment. At a macro level, euro redenomination would also have a global impact, affecting trade flows and consumption patterns.
For CIOs it is essential immediate consideration is given to this crisis. Following initial research completed in 2009 and again in 2010, Andrea Di Maio (a Government analyst colleague – see) and I have written another research note to help guide our clients during this difficult period:
CIOs Should Address the Impacts of the Euro Crisis on Their Enterprises Now
Clients should view this research as just the beginning. Upcoming research will highlight alternate scenarios that may play out in the market and thence the IT implications that CIOs need to address. Gartner will also be providing specific guidance for various roles within the technology operation and a stream of research will be forthcoming over the next few weeks.
We also encourage you to attend a webinar (Gartner Webinar Schedule) that will take place in January.
We encourage your comments as we update you on this interesting and challenging environment.
Category: Customer Executive Decisions insurance operations payments social networking twitter Tags: banking, banking and investment services, Basel II, BCM DR, cio, euro, financial crisis, financial services, financial services restructuring, IT, market crisis, Operational risk, payments, regulation, risk management, scenario planning