IT directors have doubts over compliance

Almost nine out of ten IT directors working in the financial services sector say complying with regulatory requirements is crucial to their business, but only a minority are confident about their capabilities in several key compliance areas, including document management and archiving and retrieval systems.

Almost nine out of ten IT directors working in the financial services sector say complying with regulatory requirements is crucial to their business, but only a minority are confident about their capabilities in several key compliance areas, including document management and archiving and retrieval systems.

The findings, from a survey by research firm Freeform Dynamics, were collected against the backdrop of an increased compliance burden on financial services, with regulations such as Sarbanes-Oxley in the US and Basel 2 and the forthcoming MiFID directive in Europe looming large on the CIO’s agenda.

Although financial services regulation is increasingly demanding the effective retrieval and archiving of held data, only a minority of respondents said they were fully satisfied with their data management capabilities.

Just under half thought their internal and customer document management and archiving and retrieval systems were up to scratch.

Only around one in 10 are satisfied with their existing telephone call recording and retrieval and e-mail logging, archiving and retrieval capabilities, while just one in 20 is fully satisfied with their data capture and retrieval capabilities around instant messaging.

But respondents also emphasised that compliance was only one driver to make improvements. They noted that one of the principal difficulties encountered by internal users lay in locating, accessing and presenting information as part of their day-to-day responsibilities.

This meant many IT chiefs saw the best way to present a business case for infrastructure improvements to bring about a step-change in data-handling capabilities was to emphasise the ability to deliver competitive advantage, rather than to satisfy the demands of regulators.

Freeform Dynamics interviewed 100 financial services IT directors in the UK.


 

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