Feeds

Compliance costs UK.biz dear

How much are new regulations costing you?

  • alert
  • submit to reddit

Next gen security for virtualised datacentres

British financial institutions are spending wildly different amounts on ensuring their IT systems are compliant with new business regulations.

A survey by Enterprise Ireland of 35 leading institutions found spending varied between different institutions. High Street Banks are typically spending half their compliance budget on technology and expect this to go up 10 per cent next year. But investment banks and insurance providers are spending just 10 per cent of compliance budgets on technology.

Judi Blackmur, senior adviser for software and services at Enterprise Ireland, told The Register why the figures were so varied. She said: "Compliance with regulations and good business practise are at a converging point. Projects done for business reasons, like a workflow system, bring compliance benefits too. Training, for instance, has a big role in compliance but might have a budget of its own rather than being included in direct compliance spending."

She believes a representative figure would be 15 per cent of overall budget spending: regulations are changing so quickly at the moment that many organisations are "running to keep up", she said. But good technology can provide real business benefits as well as ensuring regulations are followed.

The survey reflects comments by BT chairman Sir Christopher Bland in today's FT that the telco has spent £10m to make sure it complies with changes to US corporate law brought in by Sarbanes-Oxley legislation. He described the legislation, brought in to stop a repeat of the Enron and WorldCom scandals, as "a great burden". He said the telco would have removed its shares from US exchanges if it could. ®

Related stories

UK data protection laws are 'chaotic'
UK.biz at ease with data protection
Feds mull regulating online campaigning

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.