Compliance Survey Shows Loss of Reputation is No. 1 Concern for Financial Services Companies;...

Business Editors/High-Tech Writers

DUBLIN, Ireland--(BUSINESS WIRE)--March 11, 2003

WBT Systems, the leader in Enterprise e-Learning Solutions, today announced the results of a recent survey of Compliance Officers in UK Financial Services Institutions. When asked about the biggest

problem that could arise from a compliance failure, 89% of respondents said damage to corporate reputation was their number one concern. Second was the inability to conduct business during and following a compliance failure, followed by the financial penalties, personal risks (including incarceration) and the potential for civil litigation. The survey was conducted with over 50 of the leading UK companies in December 2002.

In response to this, WBT Systems has developed The Infrastructure Readiness Audit, a one-week project which analyses the readiness of the company to meet the relevant compliance legislation. Using WBT Systems' QuickValue Compliance Methodology(R), an eight-step lifecycle compliance management toolkit, the report identifies areas of risks in the company and suggests ways to resolve areas of exposure.

"The results of the survey are compelling; with the recent public findings of some of the UK's largest banks, an institution's reputation is of key concern. An added complexity is that in the UK, senior named executives are being held responsible and personally accountable," said Declan Kelly, Chief Executive Officer, WBT Systems. "Our Infrastructure Readiness Audit provides companies with a quick, top line report on how well they would do in the event of an audit. Within one week we can help to identify the areas of concern and help suggest solutions for improvements to existing systems."

WBT Systems will be hosting a webinar entitled "Financial Services Compliance and e-Learning" on Thursday, March 13th and March 27th. Duncan Lennox, Chief Technology Officer, WBT Systems will explain the numerous challenges that face Financial Services Institutions, he will discuss how e-Learning can help and work through some real-world customer case studies.

About WBT Systems

WBT Systems is the Leader in Enterprise e-Learning Solutions. WBT Systems' TopClass e-Learning Suite(TM) enables the rapid creation, deployment, and management of knowledge delivery across the enterprise. It is a robust, easily deployed, web-based Learning platform with over two million users worldwide. Our implementation experience spans a variety of industries, including financial services, healthcare, government, and pharmaceuticals, across blue chip companies such as Alexander Forbes, Allergan, Basler Insurance, Credit Suisse, Danish Confederation of Trade Unions, Diageo, Dow Chemical, Eurocontrol, Liberty Group, Memorial Sloan-Kettering Hospital, University of Chicago Hospitals, U.S. Department of Defense and Volvo CE. WBT Systems is headquartered in Dublin, Ireland with offices in the United Kingdom. WBT Systems North America is based in Waltham, MA. For more information about WBT Systems visit http://www.wbtsystems.com