An industry-based look at Sarbanes-Oxley costs is available to controllers in a recent survey by the Risk Management Association (RMA), a professional group for bank lenders.
Key finding: The survey determined that most SOX-based cost increases are attributable to hiring additional staff, not investments in compliance technology. Indeed, 66% of respondents attributed less than 10% of their increases in SOX-based spending to technology that supports implementation. Observes RMA: "The majority of costs have involved bank staff, with institutions either diverting current staff from other matters or adding new staff."
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