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Responding to the regulatory burden (Review Report)Published by: Datamonitor Published: Jul. 10, 2006 - 40 Pages Table of ContentsDATAMONITOR VIEW 1 CATALYST 1 SUMMARY 1 METHODOLOGY 1 EXECUTIVE SUMMARY 2 Introduction 2 Current regulatory environment in banking (Market Focus) 2 Strategies for going forward in a highly regulated banking environment (Strategy Focus) 2 Aligning technology for regulatory compliance purposes in banking (Technology Focus) 3 Regulatory Compliance IT spend (Databook) 3 Summary 6 The compliance burden will continue to intensify with a second wave of regulations 6 Summary of key regulations 7 SOX, Basel II and the Patriot Act are regarded as key regulations at present 9 Sarbanes-Oxley 10 Basel II 10 Patriot Act 11 Business continuity planning is key requirement 11 Future regulation will impact pricing and commission spreads 12 Efficient data management can help maximize synergies at infrastructure level for dealing with compliance 12 STRATEGIES FOR GOING FORWARD IN A HIGHLY REGULATED BANKING ENVIRONMENT (STRATEGY FOCUS) 14 Summary 14 Regulatory compliance should be an enterprise endeavor 14 Investors are driving holistic compliance trend 14 Centralized services are necessary and should be pushed down from senior management 15 Firms should set up a deliverable that satisfies multiple compliance needs 15 Data standardization can help FSIs comply with more than one regulation 15 Assessing an organization's compliance needs must be conducted in-house 16 Regulations are not specific about which technologies can achieve regulatory compliance 16 A key benefit of enterprise-wide / holistic compliance is consistency 17 SOX and the USA Patriot Act are driving the adoption of data management protocols 17 Growing regulatory compliance initiatives are expanding the roles of compliance and risk personnel 18 Data management policies and procedures need to be pushed from upper management 19 Compliance will drive the need to implement ILM strategies 19 A coordination of relevant ILM tools and solutions is required 19 FSIs should strive towards holistic regulatory compliance initiatives 20 Offering an ILM solution 21 ALIGNING TECHNOLOGY FOR REGULATORY COMPLIANCE PURPOSES IN BANKING (TECHNOLOGY FOCUS) 22 Summary 22 Technology is the enabler and not the solution to achieving regulatory compliance 22 The financial services industry is currently facing regulatory compliance fatigue 22 FSIs need to effectively manage structured and unstructured data 23 Retrieving data that is spread across an enterprise is key 23 Firms should adapt to evolving storage needs 24 Efficient security is imperative to business efficiency 24 Data management can be considered a risk in its own right 24 Controlling and managing increased data volume is another key factor 24 Data management is a key factor in compliance IT 25 ILM offers a strong method of managing regulatory compliance issues 26 Why email management is so important 27 Email management and information lifecycle management go hand in hand 28 FSIs need to establish policies for email and information lifecycle management 28 Securing data and information is critical 29 Managing emails effectively can improve productivity 29 Regulatory compliance space offers good opportunity for data management vendors 30 REGULATORY COMPLIANCE IT SPEND (DATABOOK) 32 Introduction 32 Definitions 32 Compliance IT spend by region 33 Compliance IT spend by country 35 Basel II IT spend by type of risk 37 Compliance IT spend by Regulation NMS vs MiFID 39 APPENDIX 40 Further reading 40 Ask the analyst 40 List of Tables Table 1: Summaries of key laws and regulations 8 Table 2: Regulations and respective definitions 32 Table 3: Regulatory compliance IT spend (Europe) 2005-2009 33 Table 4: Regulatory compliance IT spend (North America) 2005 - 2009 34 Table 5: Regulatory compliance IT spend by European country, 2005 - 2009 35 Table 6: Regulatory compliance IT spend by North American country, 2005 - 2009 36 Table 7: European Basel II IT Spend 2005-2009, by type of risk 37 Table 8: North American Basel II IT Spend 2005-2009, by type of risk 38 Table 9: Regulation NMS vs MiFID IT Spend, 2005-2009 39 List of Figures Figure 1: Emerging regulations in financial services industry 7 Figure 2: Regulations that drove key mandatory spending in 2005 9 Figure 3: Basel II overview 11 Figure 4: Regulations that are driving the adoption of data management policies and procedures 18 Figure 5: Regulatory IT spend is more focused on the Patriot Act, Basel II and SOX in 2006 23 Figure 6: Simplified ILM system design 26 Figure 7: Regulatory compliance IT spend (Europe) 2005 - 2009 33 Figure 8: Regulatory compliance IT spend (North America) 2005 - 2009 34 Figure 9: Regulatory compliance IT spend by European country 2005-2009 35 Figure 10: Regulatory compliance IT spend by North American country, 2005 - 2009 36 Figure 11: European Basel II IT Spend 2005-2009, by type of risk 37 Figure 12: North American Basel II IT Spend, 2005-2009 by type of risk 38 Figure 13: Regulation NMS vs MiFID IT Spend, 2005-2009 39 AbstractIntroductionThis report combines all four briefs from the responding to the regulatory burden theme for Q1 2006. Areas covered include an overview of key regulations that FSIs are currently faced with and the strategies and technologies that are currently used to address such regulatory burdens. Scope Focuses on Europe and USA. Forecasts regulatory compliance IT spend by region until 2009, with spend broken down by regulation and countries in some cases. Reasons to Purchase Gain visibility on the latest developments in regulatory activity within financial markets; Use Datamonitor's timely and concise analysis of key business and technology issues to develop a compelling go-to-market strategy. Report Highlights The effect of regulation across financial markets has been an increase in costs associated with hiring of more compliance officers. However, as the industry is faced with a second wave of regulations as soon as it has overcome the first set and is in a state of fatigue, some firms are looking to ascertain and leverage synergies across different laws and regulations through the use of intelligent technologies, strategies and procedures. Get Full Details About This Report >> |
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