This is the conclusion that Fundtech reached following a poll of 72 national and regional banks in the United States.
A survey carried out by the corporate provider of banking systems and services Fundtech revealed
that compliance with regulations is now the main concern of bankers in the U.S. 30% said compliance was their most significant business challenge (compared to 20% who said it was “growth" and 11% who said it was “cost reduction"). 61% of those surveyed said the Sarbanes-Oxley Act has changed their operating procedures significantly. 69% of banks said they have internal compliance audits 1-2 times per year; 28% said they have them 3 or more times per year.“Audits, carried out regularly, and all the respective regulations force financial organizations to function under an atmosphere of constant pressure. Moreover, the threat of constantly changing regulations, whose powers get tougher and broader, pose serious risks for the development of a business. For companies in this situation it is essential to have an effective strategy that ensures compliance with the main aspects of the regulatory acts and which takes into account any possible changes to those acts in the future. Practice has shown that the earlier a company starts to implement this kind of strategy, the cheaper it is to meet the compliance standards," points out Denis Zenkin, marketing director at InfoWatch.
