The first bank or financial institution to crack the compliance and governance code could profit handsomely from the hard work.
Unisys predicts that the first financial organization that can realistically tick all the boxes in relation to governance and compliance will be in a position to offer security as a value-added service to competitors in the banking industry.
Banks are fast-tracking their efforts to comply with the Sarbanes-Oxley Act's internal control reporting requirements by the July 15, 2006, deadline. Robert Dewar, Unisys financial services managing partner, said models have been designed showing how Australian banks and financial institutions can share infrastructure information and processes to not only meet compliance, but cover the costs of doing so.
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