<PAGE>

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q


(Mark One)


[X]             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                        THE SECURITIES EXCHANGE ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2002

OR

[ ]             TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                        THE SECURITIES EXCHANGE ACT OF 1934

            FOR THE TRANSITION PERIOD FROM __________ TO ___________

                         COMMISSION FILE NUMBER: 0-19922


                              THE BISYS GROUP, INC.
             (Exact name of registrant as specified in its charter)


             DELAWARE                                    13-3532663
  (State or other jurisdiction              (I.R.S. Employer Identification No.)
of incorporation or organization)


                       90 PARK AVENUE, NEW YORK, NEW YORK
                                      10016
                    (Address of principal executive offices)
                                   (Zip Code)


                                  212-907-6000
              (Registrant's telephone number, including area code)


INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORT(S), AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS.

YES   X    NO
    -----     -----


INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE:

AS OF OCTOBER 31, 2002, THERE WERE 120,279,571 SHARES OF COMMON STOCK, PAR VALUE
$0.02 PER SHARE, OF THE REGISTRANT OUTSTANDING.


                        This document contains 19 pages.

================================================================================
<PAGE>

                              THE BISYS GROUP, INC.

                               INDEX TO FORM 10-Q



PART I.  FINANCIAL INFORMATION                                              PAGE

         Item 1.  Financial Statements

                    Condensed Consolidated Balance Sheet as of
                      September 30, 2002 and June 30, 2002                     3

                    Condensed Consolidated Statement of Operations for the
                      three months ended September 30, 2002 and 2001           4

                    Condensed Consolidated Statement of Cash Flows for the
                      three months ended September 30, 2002 and 2001           5

                    Notes to Condensed Consolidated Financial Statements       6

         Item 2.  Management's Discussion and Analysis of Results of
                    Operations and Financial Condition                        11

         Item 4.  Controls and Procedures                                     15


PART II.  OTHER INFORMATION

         Item 6.  Exhibits and Reports on Form 8-K                            16


SIGNATURES                                                                    17

CERTIFICATIONS                                                                18
<PAGE>

                                     PART I

                          ITEM 1. FINANCIAL STATEMENTS

                     THE BISYS GROUP, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEET
                  (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)

                                                    September 30,   June 30,
                                                        2002          2002
                                                    --------------------------
ASSETS
Current assets:
   Cash and cash equivalents                         $    68,633   $    78,371
   Accounts receivable, net                              204,940       196,997
   Deferred tax asset                                      9,466         9,466
   Other current assets                                   35,485        35,401
                                                     -----------   -----------
     Total current assets                                318,524       320,235
   Property and equipment, net                           100,531        94,711
   Goodwill                                              632,255       623,250
   Intangible assets, net                                163,341       159,391
   Other assets                                           41,932        48,564
                                                     -----------   -----------
     Total assets                                    $ 1,256,583   $ 1,246,151
                                                     ===========   ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
   Short-term borrowings                             $   129,000   $    93,000
   Accounts payable                                       17,728        16,492
   Other current liabilities                             112,672       125,012
                                                     -----------   -----------
     Total current liabilities                           259,400       234,504
   Long-term debt                                        300,000       300,000
   Deferred tax liability                                 17,081        16,670
   Other liabilities                                       3,243        12,359
                                                     -----------   -----------
     Total liabilities                                   579,724       563,533
                                                     -----------   -----------
Stockholders' equity:
   Common stock, $0.02 par value, 320,000,000 shares
     authorized, 120,274,571 and 119,880,003 shares
     issued, respectively                                  2,405         2,398
   Additional paid-in capital                            377,396       370,854
   Retained earnings                                     336,041       320,790
   Notes receivable from stockholders                    (10,776)      (10,776)
   Treasury stock at cost, 1,104,000 shares              (27,705)         -
   Employee benefit trust, 346,000 shares                 (5,705)         -
   Deferred compensation                                   5,782          -
   Accumulated other comprehensive income (loss)            (579)         (648)
                                                     -----------   -----------
     Total stockholders' equity                          676,859       682,618
                                                     -----------   -----------
     Total liabilities and stockholders' equity      $ 1,256,583   $ 1,246,151
                                                     ===========   ===========


               The accompanying notes are an integral part of the
                  condensed consolidated financial statements.



                                       3
<PAGE>

                     THE BISYS GROUP, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)


                                                          Three Months Ended
                                                            September 30,
                                                      --------------------------
                                                        2002              2001
                                                      --------          --------

Revenues                                              $227,344          $196,531
                                                      --------          --------
Operating costs and expenses:
   Service and operating                               135,549           113,348
   Selling, general and
      administrative                                    44,586            40,568
   Amortization of intangible assets                     4,272             2,896
   Restructuring charges                                12,079             6,475
                                                      --------          --------
                                                       196,486           163,287
                                                      --------          --------
Operating earnings                                      30,858            33,244
Interest expense, net                                    4,012             2,315
                                                      --------          --------
Income before income taxes                              26,846            30,929
Income taxes                                            10,067            11,986
                                                      --------          --------
Net income                                            $ 16,779          $ 18,943
                                                      ========          ========
Basic earnings per share                              $   0.14          $   0.16
                                                      ========          ========
Diluted earnings per share                            $   0.14          $   0.15
                                                      ========          ========


               The accompanying notes are an integral part of the
                  condensed consolidated financial statements.



                                       4
<PAGE>

                     THE BISYS GROUP, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                 (IN THOUSANDS)
                                  (UNAUDITED)

                                                           Three Months Ended
                                                              September 30,
                                                         ----------------------
                                                           2002         2001
                                                         --------     ---------

Cash flows from operating activities:
Net income                                               $ 16,779     $  18,943
Adjustments to reconcile net income to net cash
  provided by operating activities:
    Restructuring charge                                   12,079         6,475
    Depreciation and amortization                          11,922         9,411
    Deferred income tax provision                            --             198
    Change in operating assets and liabilities,
      net of effects from acquisitions                    (23,976)      (26,835)
                                                         --------     ---------
Net cash provided by operating activities                  16,804         8,192
                                                         --------     ---------
Cash flows from investing activities:
    Acquisitions of businesses, net of cash acquired       (9,961)       (4,586)
    Proceeds from dispositions, net of expenses paid         -             (521)
    Capital expenditures                                  (13,901)       (8,389)
    Change in other investments                              (906)         (855)
    Purchase of intangible assets                          (7,255)         -
                                                         --------     ---------
Net cash used in investing activities                     (32,023)      (14,351)
                                                         --------     ---------
Cash flows from financing activities:
    Repayment of debt                                        -             (578)
    Proceeds from short-term borrowings                    81,000          -
    Repayment of short-term borrowings                    (45,000)         -
    Proceeds from exercise of stock options                 2,891         2,924
    Repurchases of common stock                           (33,410)         -
                                                         --------     ---------
Net cash provided by financing activities                   5,481         2,346
                                                         --------     ---------
Net decrease in cash and cash equivalents                  (9,738)       (3,813)
Cash and cash equivalents at beginning of period           78,371       159,399
                                                         --------     ---------
Cash and cash equivalents at end of period               $ 68,633     $ 155,586
                                                         ========     =========


               The accompanying notes are an integral part of the
                  condensed consolidated financial statements.



                                       5
<PAGE>

                     THE BISYS GROUP, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


1.  THE COMPANY

    The BISYS Group, Inc. and subsidiaries (the "Company") is a leading national
    provider of business process outsourcing solutions for the financial
    services sector.

    The condensed consolidated financial statements include the accounts of The
    BISYS Group, Inc. and its subsidiaries and have been prepared consistent
    with the accounting policies reflected in the 2002 Annual Report on Form
    10-K filed with the Securities and Exchange Commission and should be read in
    conjunction therewith. The condensed consolidated financial statements
    include all adjustments (consisting only of normal recurring adjustments)
    which are, in the opinion of management, necessary to fairly state this
    information.


2.  USE OF ESTIMATES

    The preparation of financial statements in conformity with generally
    accepted accounting principles requires management to make certain estimates
    and assumptions that affect the reported amounts of assets and liabilities
    and disclosure of contingent assets and liabilities at the date of the
    financial statements and the reported amounts of revenue and expenses during
    the reporting period. The most significant estimates are related to the
    allowance for doubtful accounts, goodwill and intangible assets,
    restructuring charges, income taxes, and contingencies.

    The Company bases its estimates on historical experience and on various
    other assumptions that are believed to be reasonable under the
    circumstances, the results of which form the basis for making judgments
    about the carrying value of assets and liabilities that are not readily
    apparent from other sources. Actual results may differ from these estimates
    in the near term.

3.  ACCUMULATED OTHER COMPREHENSIVE INCOME

    The components of comprehensive income are as follows (in thousands):

                                                        Three Months Ended
                                                           September 30,
                                                      ----------------------
                                                       2002            2001
                                                      -------        -------

    Net income                                        $16,779        $18,943
    Foreign currency translation adjustment                69            120
                                                      -------        -------
      Total comprehensive income                      $16,848        $19,063
                                                      =======        =======



                                       6
<PAGE>

4.  EARNINGS PER SHARE

    On January 24, 2002, the Board of Directors of the Company approved a
    two-for-one stock split effected in the form of a dividend, payable to
    shareholders of record as of February 8, 2002. Accordingly, all historical
    weighted average share and per share amounts have been restated to reflect
    the stock split.

    Basic and diluted EPS computations for the three months ended September 30,
    2002 and 2001 are as follows (in thousands, except per share amounts):

                                                      Three Months Ended
                                                         September 30,
                                                    ------------------------
                                                      2002            2001
                                                    --------        --------

    BASIC EPS
    ---------

    Net income                                      $ 16,779        $ 18,943
                                                    ========        ========
    Weighted average common shares
    outstanding                                      119,535         117,328
                                                    ========        ========
    Basic earnings per share                        $   0.14        $   0.16
                                                    ========        ========
    DILUTED EPS
    -----------

    Net income                                      $ 16,779        $ 18,943
                                                    ========        ========
    Weighted average common shares
    outstanding                                      119,535         117,328

    Assumed conversion of common shares
    issuable under stock option plans                  3,112           5,549
                                                    --------        --------
    Weighted average common and common
    equivalent shares outstanding                    122,647         122,877
                                                    ========        ========
    Diluted earnings per share                      $   0.14        $   0.15
                                                    ========        ========


    The effect of the assumed conversion of the convertible subordinated notes
    into common stock would be antidilutive and therefore is excluded from the
    computation of diluted earnings per share.

    Certain stock options were not included in the computation of diluted EPS
    because the options' exercise prices were greater than the average market
    price of common shares during the period, as follows (in thousands, except
    per share amounts):

                                                      Three Months Ended
                                                         September 30,
                                             -----------------------------------
                                                      2002               2001
                                             ----------------   ----------------

    Number of options excluded                      5,704            1,906

    Option price per share                   $25.15 to $35.30   $27.93 to $30.50

    Average market price of common shares          $24.45           $27.82
    for the period



                                       7
<PAGE>

5.  RESTRUCTURING CHARGES

    During the first quarter of fiscal 2003, the Company recorded a pre-tax
    restructuring charge of $12.1 million in connection with the integration,
    consolidation and relocation of certain business operations. The
    restructuring and integration activities are primarily due to acquisitions
    consummated by the Company in fiscal 2002 and the downsizing of certain
    areas in the investment, insurance, education and check imaging businesses.
    The restructuring charge includes a provision of $7.2 million for
    severance-related costs for approximately 300 employees and $4.9 million for
    facility closure and related costs.

    A summary of the restructuring charge activity for the three months ended
    September 30, 2002 is as follows (in thousands):

                                            Compensation-  Facilities-
                                              Related        Related     Total
                                            -------------  ------------  -----

    Establishment of initial restructuring    $7,161         $4,918      $12,079
       charge accrual

    Amounts paid or charged against the
       accrual                                 2,888            841        3,729
                                              ------         ------      -------

      Balance at September 30, 2002           $4,273         $4,077      $ 8,350
                                              ======         ======      =======


    It is anticipated that all severance-related amounts and a substantial
    portion of the facility-related amounts will be expended by the end of the
    current fiscal year.


6.  INTANGIBLE ASSETS AND GOODWILL

    INTANGIBLE ASSETS

    At September 30, 2002, acquired intangible assets were comprised of the
    following (in thousands):

                                Gross Carrying     Accumulated      Net Book
                                    Amount         Amortization      Value
                                --------------     ------------     ---------

    Customer related               $137,616          $(22,654)       $114,962
    Noncompete Agreements            39,484            (8,425)         31,059
    Other                            22,070            (4,750)         17,320
                                   --------          --------        --------
      Total                        $199,170          $(35,829)       $163,341
                                   ========          ========        ========


    All of the Company's acquired intangible assets are subject to amortization.
    Amortization expense for acquired intangible assets was $4.3 million for the
    three months ended September 30, 2002. Estimated amortization expense for
    the current fiscal year and the succeeding four years is as follows:


    Fiscal Year Ended
        June 30,                Amount
    -----------------          --------

          2003                 $ 17,300
          2004                   17,400
          2005                   16,600
          2006                   15,500
          2007                   14,100



                                       8
<PAGE>

    GOODWILL

    The changes in the carrying amount of goodwill by business segment for the
    three months ended September 30, 2002 are as follows (in thousands):

<TABLE>
<CAPTION>
                                                Investment         Insurance and           Information
                                                 Services        Education Services         Services               Total
                                                ----------       ------------------        ------------            -----

<S>                                              <C>                   <C>                   <C>                  <C>
    Balance, July 1, 2002                        $311,802              $276,058              $35,390              $623,250
    Additions                                         567                 8,438                 -                    9,005
                                                 --------              --------              -------              --------

    Balance, September 30, 2002                  $312,369              $284,496              $35,390              $632,255
                                                 ========              ========              =======              ========
</TABLE>

7.  BUSINESS COMBINATIONS

    On September 24, 2002, the Company acquired First Northern Financial
    Resources, Inc. in a cash for equity transaction. First Northern is a
    Minnesota-based insurance brokerage firm specializing in the wholesale
    distribution of traditional life insurance and annuities. Pro forma
    information has not been presented due to a lack of materiality.


8. SEGMENT INFORMATION

    The following table sets forth operating revenue and operating income by
    business segment and for corporate operations for the three months ended
    September 30, 2002 and 2001. Restructuring charges are excluded from the
    operating results of the segment for a better understanding of the
    underlying performance of each segment.

                                                      (in thousands)
                                                    Three Months Ended
                                                       September 30,
                                                 --------------------------
                                                   2002               2001
                                                 ---------        ---------

    Operating revenue:
    Investment Services                          $ 120,944        $ 104,916
    Insurance and Education Services                55,699           45,346
    Information Services                            50,701           46,269
                                                 ---------        ---------
    Total operating revenue                      $ 227,344        $ 196,531
                                                 =========        =========

    Operating income (loss):
    Investment Services                          $  16,084        $  16,153
    Insurance and Education Services                19,669           17,350
    Information Services                            12,405           11,339
    Corporate                                       (5,221)          (5,123)
                                                 ---------        ---------
       Total operating income                    $  42,937        $  39,719
                                                 =========        =========


9.  DEFERRED COMPENSATION

    The Company has a deferred compensation plan (the "Plan") whereby certain
    compensation earned by a participant can be deferred and placed in an
    employee benefit trust, also known as a "rabbi trust." Under the Plan, the
    participant may choose from several investment designations, including
    shares of common stock of the Company. During the first quarter of fiscal
    2003, the Company amended the Plan to make all participant deferrals that
    are designated in common stock of the Company irrevocable and to require
    that all future distributions of such designations be settled in shares of
    Company common stock. Accordingly, the Company has applied the provisions of
    Emerging Issues Task Force (EITF) 97-14, "Accounting for Deferred
    Compensation Arrangements Where Amounts Earned are Held in a Rabbi Trust and
    Invested." The EITF requires that employer stock held by the rabbi trust be
    classified as equity similar to the manner in which treasury stock is
    accounted for. Additionally, the EITF requires that the portion of the
    deferred compensation obligation that is required to be settled by the
    delivery of shares of employer stock be classified in equity. At September
    30, 2002, 346,000 shares, valued at $5.7 million, were held by the employee
    benefit trust and presented in the accompanying consolidated balance sheet
    as a contra-equity account. Additionally, $5.8



                                       9
<PAGE>

million has been reclassified from other liabilities to equity in the
accompanying consolidated balance sheet and represents the deferred compensation
obligation under the Plan that is designated in shares of Company common stock.
Under the EITF, subsequent changes in the fair value of both the employer stock
held in the rabbi trust and the deferred compensation obligation, representing
amounts designated in shares of Company common stock, are not recognized.



                                       10
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
        FINANCIAL CONDITION

The Company provides outsourcing solutions to and through financial
organizations. The following table presents the percentage of revenues
represented by each item in the Company's condensed consolidated statement of
operations for the periods indicated:

                                                           Three Months Ended
                                                              September 30,
                                                          --------------------
                                                           2002          2001
                                                          ------        ------

    Revenues                                              100.0%        100.0%
                                                          ------        ------
    Operating costs and expenses:
       Service and operating                               59.6          57.7
       Selling, general and administrative                 19.6          20.6
       Amortization of intangible assets                    1.9           1.5
       Restructuring charges                                5.3           3.3
                                                          ------        ------
                                                           86.4          83.1
                                                          ------        ------
    Operating earnings                                     13.6          16.9
    Interest expense, net                                   1.8           1.2
                                                          ------        ------
    Income before income taxes                             11.8          15.7
    Income taxes                                            4.4           6.1
                                                          ------        ------
    Net income                                              7.4%          9.6%
                                                          =====         =====


COMPARISON OF THE THREE MONTHS ENDED SEPTEMBER 30, 2002 WITH THE THREE MONTHS
ENDED SEPTEMBER 30, 2001.

    Revenues increased 15.7% from $196.5 million for the three months ended
    September 30, 2001 to $227.3 million for the three months ended September
    30, 2002. This growth was derived from sales to new clients, existing client
    growth, cross sales to existing clients and revenues from acquired
    businesses, partially offset by lost business. Internal revenue growth
    approximated 7% for the three months ended September 30, 2002.

    Service and operating expenses increased 19.6% from $113.3 million for the
    three months ended September 30, 2001 to $135.5 million for the three months
    ended September 30, 2002 and increased as a percentage of revenues from
    57.7% to 59.6%. The dollar increase resulted from additional costs
    associated with greater revenues.

    Selling, general and administrative expenses increased 9.9% from $40.6
    million during the three months ended September 30, 2001 to $44.6 million
    for the three months ended September 30, 2002 and decreased as a percentage
    of revenues from 20.6% to 19.6%. The dollar increase resulted from
    additional costs associated with greater revenues.

    Amortization of intangible assets increased $1.4 million for the three
    months ended September 30, 2002 over the same period last year due to a
    higher level of intangible assets associated with recently acquired
    businesses.

    Interest expense increased $1.7 million for the three months ended September
    30, 2002 over the same period last year primarily due to the interest costs
    associated with a higher level of outstanding borrowings under the Company's
    revolving credit facility.

    The income tax provision of $10.1 million for the three months ended
    September 30, 2002 decreased from $12.0 million for the three months ended
    September 30, 2001 due to lower taxable income and a lower effective tax
    rate. The provision represents an effective tax rate of 37.5% and 38.8% for
    the periods ended September 30, 2002 and 2001, respectively. The reduced
    effective tax rate is attributable to the impact of lower tax rates in
    foreign tax jurisdictions for recently acquired businesses.

    Operating results, before amortization of intangibles and restructuring
    charges, resulted in margins of 20.8% and 21.7% for the three months ended
    September 30, 2002 and 2001, respectively. The margin decline was generally
    due to the overall economic downturn that adversely impacted the Company's
    Investment Services and Education Services businesses.



                                       11
<PAGE>

    The Company recorded pre-tax restructuring charges of $12.1 million and $6.5
    million during the three months ended September 30, 2002 and 2001,
    respectively. The restructuring charges relate to the integration,
    consolidation and relocation of certain business operations, primarily as a
    result of acquisition activity and the downsizing of certain areas in the
    investment, insurance, education, and check imaging businesses in fiscal
    2003. The restructuring charge in the fiscal first quarter of 2003 includes
    a provision of $7.2 million for severance-related costs for approximately
    300 employees and $4.9 million for facility closure and related costs. At
    September 30, 2002, the remaining accrual amounts to $8.4 million and it is
    anticipated that all severance-related amounts and a substantial portion of
    the facility-related amounts will be expended by the end of the current
    fiscal year.


LIQUIDITY AND CAPITAL RESOURCES

    At September 30, 2002, the Company had cash and cash equivalents of $68.6
    million and working capital of $59.1 million. At September 30, 2002, the
    Company had outstanding borrowings of $129.0 million against its $300
    million revolving credit facility. The credit facility bears interest at
    LIBOR plus a margin of 0.65%, resulting in a weighted average interest rate
    of 2.49% on all outstanding borrowings under the facility at September 30,
    2002.

    At September 30, 2002, the Company had $2.3 million outstanding in letters
    of credit and $300.0 million of outstanding 4% convertible subordinated
    notes due March 2006.

    Accounts receivable represented 83 and 75 days sales outstanding (DSO) at
    September 30, 2002 and June 30, 2002, respectively, based on quarterly
    revenues. The increase in DSO is primarily due to a higher DSO associated
    with commission receivables in the Insurance Services division due to the
    timing of certain commission-related payments from insurance carriers.
    Additionally, due to Insurance Services' faster growth, its receivables
    represent a greater percentage of outstanding receivables at September 30,
    2002 compared to June 30, 2002.

    For the three months ended September 30, 2002, operating activities provided
    cash of $16.8 million. Investing activities used cash of $32.0 million,
    primarily for acquisition-related payments of $10.0 million, capital
    expenditures of $13.9 million, and purchases of intangibles of $7.3 million.
    Financing activities provided cash of $5.5 million comprised of net proceeds
    from short-term borrowings of $36.0 million and net proceeds from the
    exercise of stock options of $2.9 million, offset by repurchases of common
    stock of $33.4 million.

    In January 1999, the Company's Board of Directors authorized a stock
    buy-back program of up to $100 million of its outstanding common stock.
    Purchases have occurred and are expected to continue to occur from
    time-to-time in the open market to offset the possible dilutive effect of
    shares issued under employee benefit plans, for possible use in future
    acquisitions and for general and other corporate purposes.

    At its August 15, 2002 meeting, the Board of Directors authorized a new
    stock buy-back program of up to $100 million to supersede and replace the
    current program effective upon completion of an amendment to the Company's
    revolving credit facility modifying certain stock buy-back provisions. The
    amendment to the credit facility became effective on September 24, 2002.
    Through that date, the Company had purchased a total of approximately 4.25
    million shares of its common stock under the prior stock buy-back program
    for $70.4 million. Between September 24, 2002 and September 30, 2002, the
    Company purchased an additional 0.3 million shares for $4.8 million under
    the new stock buy-back program.


SEGMENT INFORMATION

    The following table sets forth operating revenue and operating income by
    business segment and for corporate operations for the three months ended
    September 30, 2002 and 2001. Restructuring charges are excluded from the
    operating results of the segment for a better understanding of the
    underlying performance of each segment.



                                       12
<PAGE>

                                                       (in thousands)
                                                     Three Months Ended
                                                        September 30,
                                                  -------------------------
                                                    2002            2001
                                                  ---------       ---------
    Operating revenue:
       Investment Services                        $ 120,944       $ 104,916
       Insurance and Education Services              55,699          45,346
       Information Services                          50,701          46,269
                                                  ---------       ---------
         Total operating revenue                  $ 227,344       $ 196,531
                                                  =========       =========
    Operating income (loss):
       Investment Services                        $  16,084       $  16,153
       Insurance and Education Services              19,669          17,350
       Information Services                          12,405          11,339
       Corporate                                     (5,221)         (5,123)
                                                  ---------       ---------
         Total operating income                   $  42,937       $  39,719
                                                  =========       =========

    Internal revenue growth for Investment Services, Insurance and Education
    Services, and Information Services approximated 4%, 10%, and 10%,
    respectively, during the three months ended September 30, 2002 over the same
    period last year. The Company seeks to achieve an overall internal growth
    rate of 10% to 15% annually. A substantial portion of the Company's revenues
    are recurring in nature and are derived from long-term customer contracts
    with terms that generally average from three to five years. The Company
    believes the contractual nature of its business and its historical contract
    renewal experience provide a high level of stability and predictability to
    the amount and timing of its recurring revenue stream.

    Revenue in the Investment Services business segment increased $16.0 million,
    or 15.3%, during the three months ended September 30, 2002, over the same
    period last year. The revenue increase was due to recent acquisitions and
    internal growth. Operating income in the Investment Services business
    segment decreased $0.07 million, or 0.4%, during the fiscal first quarter,
    resulting in operating margins of 13.3% and 15.4% for the three months ended
    September 30, 2002 and 2001, respectively. The margin primarily decreased
    due to the adverse impact that the overall market decline had on revenue
    derived from equity-based funds under administration in the Fund Services
    division.

    Revenue in the Insurance and Education Services business segment increased
    $10.4 million, or 22.8%, during the three months ended September 30, 2002,
    over the same period last year. The revenue increase was due to acquisitions
    and internal growth. Operating income in the Insurance and Education
    Services business segment increased $2.3 million, or 13.4%, during the
    fiscal first quarter, resulting in operating margins of 35.3% and 38.3% for
    the three months ended September 30, 2002 and 2001, respectively. Margins
    decreased in the fiscal first quarter primarily due to the decline in sales
    of high-end products in the Insurance Services division and the adverse
    impact of the overall market downturn on sales in the Education Services
    division.

    Revenue in the Information Services business segment increased $4.4 million,
    or 9.6%, during the three months ended September 30, 2002, over the same
    period last year. The revenue increase was due to sales to new clients,
    existing client growth, and cross sales to existing clients. Operating
    income in the Information Services business segment increased $1.1 million,
    or 9.4%, during the fiscal first quarter, resulting in operating margins of
    24.5% for the three months ended September 30, 2002 and 2001.

    Corporate operations represent charges for the Company's human resources,
    legal, accounting and finance functions, and various other unallocated
    overhead charges.


FORWARD-LOOKING STATEMENTS

    This Management's Discussion and Analysis of Results of Operations and
    Financial Condition and other sections of this report contain
    forward-looking statements that are based on management's current
    expectations, estimates, forecasts and assumptions concerning future events.
    In addition, other written or oral statements that constitute
    forward-looking statements may be made by or on behalf of management. These
    statements are subject to numerous known and unknown risks, uncertainties
    and assumptions that could cause actual events or results to differ
    materially from those projected. Words such as "believes," "anticipates,"



                                       13
<PAGE>

    "intends," "estimates, "projects," "plans," "targets," and variations of
    such words and similar expressions are intended to identify such
    forward-looking statements. Except as required under the federal securities
    laws and the rules and regulations of the Securities and Exchange Commission
    (SEC), the Company does not undertake any obligation to update or revise
    publicly any forward-looking statements, whether as a result of new
    information, future events, changes in assumptions or otherwise. Although
    the Company believes that its plans, intentions, and expectations reflected
    in or suggested by the forward-looking statements made in this report are
    reasonable, there can be no assurance that such plans, intentions or
    expectations will be achieved.

    The risks, uncertainties and assumptions include: achieving planned revenue
    growth in each of the Company's business units; renewal of material
    contracts in the Company's business units consistent with past experience;
    successful and timely integration of significant businesses acquired by the
    Company and realization of anticipated synergies; increasing price,
    products, and services competition by U.S. and non-U.S. competitors,
    including new entrants; changes in U.S. and non-U.S. governmental
    regulations; the timely implementation of the Company's restructuring
    program and financial plans; general U.S. and non-U.S. economic and
    political conditions, including the global economic slowdown and interest
    rate and currency exchange rate fluctuation; continuing development and
    maintenance of appropriate business continuity plans for the Company's
    processing systems; absence of consolidation among client financial
    institutions or other client groups; attracting and retaining qualified key
    employees; no material breech of security of any of the Company's systems;
    control of costs and expenses; continued availability of financing, and
    financial resources on the terms required to support the Company's future
    business endeavors; the mix of products and services; compliance with the
    covenants and restrictions of the Company's bank credit facility and
    convertible subordinated notes indenture; and the outcome of pending and
    future litigation and governmental or regulatory proceedings.

    These are representative of the risks, uncertainties and assumptions that
    could affect the outcome of the forward-looking statements. In addition,
    such statements could be affected by general industry and market conditions
    and growth rates and other future events.



                                       14
<PAGE>

ITEM 4. CONTROLS AND PROCEDURES

The Company maintains disclosure controls and procedures that are designed to
ensure that information required to be disclosed in the Company's reports, filed
pursuant to the Securities Exchange Act of 1934, is recorded, processed,
summarized and reported within the time periods specified in the SEC's rules and
forms, and that such information is accumulated and communicated to the
Company's management, including its Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding required
disclosure.

Within 90 days prior to the date of this report, the Company carried out an
evaluation, under the supervision and with the participation of the Company's
management, including the Company's Chief Executive Officer and the Company's
Chief Financial Officer, of the effectiveness of the design and operation of the
Company's disclosure controls and procedures. Based on the foregoing, the
Company's Chief Executive Officer and Chief Financial Officer concluded that the
Company's disclosure controls and procedures were effective. There have been no
significant changes in the Company's internal controls or in other factors that
could significantly affect the internal controls subsequent to the date the
Company completed its evaluation.



                                       15
<PAGE>

                                     PART II


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

      (a) EXHIBITS

          None.

      (b) REPORTS ON FORM 8-K

          None.



                                       16
<PAGE>

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                      THE BISYS GROUP, INC.



Date: November 14, 2002               By:  /s/ Andrew C. Corbin
      -----------------                    ----------------------------------
                                           Andrew C. Corbin
                                           Executive Vice President and Chief
                                           Financial Officer
                                           (Duly Authorized Officer)



                                       17
<PAGE>

                                 CERTIFICATIONS


I, Lynn J. Mangum, certify that:

1. I have reviewed this quarterly report on Form 10-Q of The BISYS Group, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue
   statement of a material fact or omit to state a material fact necessary to
   make the statements made, in light of the circumstances under which such
   statements were made, not misleading with respect to the period covered by
   this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this quarterly report, fairly present in all material
   respects the financial condition, results of operations and cash flows of the
   registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
   establishing and maintaining disclosure controls and procedures (as defined
   in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
   a) designed such disclosure controls and procedures to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this quarterly report is being
      prepared;
   b) evaluated the effectiveness of the registrant's disclosure controls and
      procedures as of a date within 90 days prior to the filing date of this
      quarterly report (the "Evaluation Date"); and
   c) presented in this quarterly report our conclusions about the effectiveness
      of the disclosure controls and procedures based on our evaluation as of
      the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
   most recent evaluation, to the registrant's auditors and the audit committee
   of registrant's board of directors (or persons performing the equivalent
   function):
   a) all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and
   b) any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal
      controls; and

6. The registrant's other certifying officers and I have indicated in this
   quarterly report whether or not there were significant changes in internal
   controls or in other factors that could significantly affect internal
   controls subsequent to the date of our most recent evaluation, including any
   corrective actions with regard to significant deficiencies and material
   weaknesses.


Date: November 14, 2002
                                            /s/ Lynn J. Mangum
                                            ------------------------------------
                                            Lynn J. Mangum
                                            Chairman and Chief Executive Officer



                                       18
<PAGE>

                                 CERTIFICATIONS

I, Andrew C. Corbin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of The BISYS Group, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue
   statement of a material fact or omit to state a material fact necessary to
   make the statements made, in light of the circumstances under which such
   statements were made, not misleading with respect to the period covered by
   this quarterly report;

3. Based on my knowledge, the financial statements, and other financial
   information included in this quarterly report, fairly present in all material
   respects the financial condition, results of operations and cash flows of the
   registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
   establishing and maintaining disclosure controls and procedures (as defined
   in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
   a) designed such disclosure controls and procedures to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this quarterly report is being
      prepared;
   b) evaluated the effectiveness of the registrant's disclosure controls and
      procedures as of a date within 90 days prior to the filing date of this
      quarterly report (the "Evaluation Date"); and
   c) presented in this quarterly report our conclusions about the effectiveness
      of the disclosure controls and procedures based on our evaluation as of
      the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
   most recent evaluation, to the registrant's auditors and the audit committee
   of registrant's board of directors (or persons performing the equivalent
   function):
   a) all significant deficiencies in the design or operation of internal
      controls which could adversely affect the registrant's ability to record,
      process, summarize and report financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and
   b) any fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant's internal
      controls; and

6. The registrant's other certifying officers and I have indicated in this
   quarterly report whether or not there were significant changes in internal
   controls or in other factors that could significantly affect internal
   controls subsequent to the date of our most recent evaluation, including any
   corrective actions with regard to significant deficiencies and material
   weaknesses.


Date: November 14, 2002
                                                    /s/ Andrew C. Corbin
                                                    ---------------------------
                                                    Andrew C. Corbin
                                                    Executive Vice President
                                                    and Chief Financial Officer



                                       19