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Friday, May 27, 2005

Compliance: Aligning IT and strategic goals

According to the report, 45 percent of IT executives, from across the globe, said that the top three compliance activities they were engaged in were security and privacy, document retention, and financial regulation.

Luckily for financial services, one of the most heavily regulated industries, IT vendors are providing a competitive array of compliance solutions.

IT’s role in compliance is growing because regulation increasingly requires that business activities be monitored, audited, and scrutinised; this translates to the storage and retention of vast amounts of data—- and only technology can handle that load.  “The nature of IT’s role in compliance varies widely among companies, but it’s clear that growing regulatory requirements are giving IT specialists in companies a lot more work and bringing them into contact with different corporate departments,” says Nigel Holloway, director of executive services for the Americas at the Economist Intelligence Unit in New York. 

However, just because technology can assist with compliance, does not mean that it comes cheap.  And this is making for a further imperative: spending on compliance must be linked to the investment in wider business goals.  For many, this is likely to be the only way they can justify the expenditure compliance necessitates.

According to the EIU, over half of the executives they spoke to said that the annual expenditure in this area of IT is expanding by over 10 percent a year.

http://insight.zdnet.co.uk/business/legal/0,39020487,39200378,00.htm

Posted on 05/27
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