The science of compliance
The Sarbanes-Oxley Act is placing urgent demands on many US companies for accurate reporting of financial information. Clive Davidson reports on the implications for financial technology.
The Sarbanes-Oxley Act hangs like an axe over the heads of chief executive and financial officers. Budgets for compliance with the Act have therefore in many cases been more generous than those for the Basel II capital adequacy regulations or for general operational risk management – with which Sarbanes-Oxley overlaps.
Because of this overlap, many operational risk managers have welcomed the Act and the momentum and funds it has brought to the field of operational risk management.
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