The last minute rush by European banks struggling to comply with the new Basel II risk management regulations will drive almost $4bn of technology spend over the next two years, according to a new report.
Readying a medium or large bank for International Accounting Standards (IAS) will cost between £15m and £60m says the EIU, and Sarbanes-Oxley, which affects those with a US listing, will cost £4.4m per organisation.
And Sarbanes-Oxley is not the only law with which companies must comply. At first, this affected just public companies listed in the US, but the EU is now looking at passing its own version of Sarbanes-Oxley, which may be even more far-reaching...
Some regulations span all sectors, such as Sarbanes-Oxley, the US public accounting legislation that was introduced in 2002 after the Enron scandal and impacts any international firm with a stock exchange listing in the US.
However compliance with regulations such as Sarbanes-Oxley continued to be a drain on IT budgets. In 2004, 60 per cent of the organisations surveyed claimed regulations were merely an extension of existing systems but this year less than half of...
Like it or not, the clock is ticking for non-US companies that need to be compliant to one of the most talked-about elements of the Sarbanes-Oxley (SOX) Act established in 2002. The law requires affected businesses to comply by the end of their...