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Facing up to compliance

Facing up to compliance

Source: Finextra Research, Sun, Computacenter

Financial services companies are optimistic about their ability to keep up with new regulations as they take a 'big picture' business-focussed approach to the compliance challenge, according to new research conducted by Finextra on behalf of Computacenter and Sun Microsystems.

For the study, Finextra solicited the opinions of senior risk and compliance managers at 56 institutions on issues ranging from prioritisation and budgets through to the role of technology and external advisors in managing regulatory compliance.

Despite ongoing changes to existing regulations and the introduction of new legislation, the survey reveals that more than a quarter of organisations in the financial services industry believe they are fully compliant. Only two per cent of respondents admitted that they were uncertain of their ability to comply with the most important regulations, while the remaining 71% stated that projects were underway and that they would meet the deadlines.

Yet for all their confidence, a sizeable 39% of respondents admitted that their current IT infrastructure is doing a poor job or needs improving to support regulatory requirements, and nearly 60% say they are introducing new systems to help meet their compliance obligations.

In an attempt to avoid duplication of effort, more than 80% of respondents cited that their organisations were looking for commonalities across departments when planning new compliance initiatives.

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