“Projects that were not aligned with compliance and corporate governance were delayed or cancelled, and SOX efforts inhibited the purchase of large amounts of software related to building new technologies and deploying new projects. However, by the second half of 2005, increased interest in IT solutions to ease the burden of compliance has begun to drive new spending.”
“I thought they would have come with some recommendations that actually reduce the burden -- maybe, you'll only have to, say, audit a third of the controls in any given year. Or maybe they would have come with some clarity on what are effective controls, a problem for all-sized companies.”
“Only about 25 percent of banks and other financial institutions are trying to [roll their initiatives together], which is a shame because, in a way, it's an easy fix. You would have one overall compliance risk program instead of everyone doing their own thing.”
