SOX 'boosted' banks' op risk management
PHILADELPHIA – Implementation of Sections 404 and 302 of the Sarbanes-Oxley Act (SOX) has boosted banks' ability to create an operational risk programme, according to a survey by the Risk Management Association (RMA), a Philadelphia- based risk management association of financial institutions.
In a survey of 88 of its member banks, the RMA found that SOX increased costs overall, mostly as a result of additional staff hired to comply with the legislation.
The survey, conducted in May, was set up to determine the costs and benefits associated with Sarbanes-Oxley compliance, specifically with Sections 404 and 302.
"Although we did not go into details of the operational risk programme
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