Financial services IT managers, get ready...
There's been a lot of talk about the impact of new government and industry regulations on IT departments, especially in the financial services sector. But according to recent research it looks like this is just the beginning.
Even given the current level of investment in technologies that help companies comply with regulations such as Sarbanes-Oxley and Basel II, around 60 per cent of IT managers from financial services companies believe the demand on IT to deal with compliance issues will increase over the coming three years, according to a report from market researcher Freeform Dynamics.
Most respondents are not satisfied with their current capabilities to perform tasks necessary for compliance such as document management and archiving.
And the report said most financial companies are only just starting to "scratch the surface" in areas such as the archiving of electronic messages and digitised phone records.
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