Amazingly and sadly, only 10% see compliance as a positive!
Onésimo Alvarez-Moro
See press release:
But one in ten recognises potential to turn compliance 'burden' into opportunity for wider business process improvement
A new study published today by HandySoft Global Corp., a leading provider of business process management (BPM) solutions, has revealed that almost two thirds (60%) of European financial institutions are not expected to meet the EU Markets in Financial Instruments Directive (MiFID) by the deadline of November 2007. The research confirms that UK-based financial institutions are in a relatively more advanced state of preparation than the EU average, but nearly a third (27%) are still unlikely to comply in time.
Based on in-depth telephone interviews with 100 European financial institutions and a further sample of specialist corporate lawyers, HandySoft also found that only a third of European firms (33%) and just over half of UK firms (52%) have appointed a dedicated MiFID compliance officer, implying that little progress has been made since April 2006 when KPMG put the European average at just 29%.
However, on a positive note, the research highlighted that one in ten (9%) European financial organisations see "a great deal of overlap" between their MiFID implementations and other compliance tasks that they currently face. A further 23% are discovering "a fair amount of overlap" in transferable benefits, whereas the majority (68%) believe that the necessary work and IT implementations offer only 'a little' overlap of re-usable benefits and technology with other compliance requirements.
See full Press Release.
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