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Compliance absorbs 15 percent of bank IT staff

Compliance absorbs 15 percent of bank IT staff

by Rick Turoczy on January 27, 2005

Up to 15% of the IT staff at Dresdner Kleinwort Wasserstein are working on compliance projects for financial regulations, the director of global IT business management at the investment bank revealed last week.

The comments by Stephen Ashton, who declined to put a figure on the cost of compliance for the bank’s IT divisions globally, highlight the growing demands of financial regulations on IT budgets.

Ashton said one of his main challenges was securing sufficient funds for IT projects to help the bank comply with Sarbanes-Oxley. The US legislation to tighten financial reporting in the wake of corporate governance scandals such as WorldCom and Enron will affect European companies listed on US stock exchanges.

“One of the most difficult things in achieving [Sarbanes Oxley] compliance is selling it to some poor bloke in the finance department who has nothing to do with the US and no idea about Sarbanes Oxley,” said Ashton.

Compliance absorbs 15% of bank�s IT staff

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