Fresh regulations aimed at standardizing processes in the financial sector have created poorly defined compliance rules and have resulted in increased IT spend, according to research published by the Economist Intelligence Unit (EIU) for Changepoint, a provider of governance and business IT software. The report concludes that billions in investment will be necessary to comply with regulations ? such as Basel II ? and that 59% of respondents to the EIU research are investing heavily in existing IT systems with a further 34% planning on acquiring new IT systems.
Three-quarters of executives from the survey regard compliance as a growing burden on resources while only 35% believe compliance will reduce inherent risks in the industry.
Ayman Gabarin, vice-president of the EMEA region, commented: "The survey shows that IT plays a critical role in achieving and managing compliance while 44% indicate that they are not satisfied that their current project management tools give senior management a holistic view of projects, resources and timeline and 38% are dissatisfied with the tools they use to manage costs."