Are new financial regulations helping or hindering business? According to research published on Monday by Atos Consulting, most managers believe that the regulations offer them few benefits, if any.
Seven out of eight of 236 European chief financial officers questioned believe that regulations such as Sarbanes-Oxley, Basel II and the International Financial Reporting Standards (IFRS) offer no positive benefits, and 40 per cent believe them to be an outright hindrance, increasing time and cost commitments for no positive result. Only 1 per cent of those surveyed pronounced themselves strongly in favour of the new regulatory environment.
But is this hostility to regulations on the part of senior financial managers short-sighted? By focusing only on the costs of implementing new regulations, they may be missing out on chances to create and build a competitive advantage.
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