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Compliance: What's Next?
IT is beginning to brace from the fallout of the finance crisis. Many analysts and industry experts are predicting that 2009 will be a year of increased global governmental regulations. Sarbanes-Oxley was a huge pain point, but the pain is likely only to grow.
Financial firms are front and center in being required to provide greater transparancy. Financial instruments that had been traded and that led up to the crisis were opaque — hose both buying and selling them did not fully understand the complete details and the interconnected links among financial institutions. Analysts predict that all companies whether financial institutions themselves, or those that deal with financial instruments, like bank savings, equities, or credit, will be touched by the regulations. That would include hedge funds, and insurers, and large consumer companies like General Electric.
Regulations will be more stringent and the oversight will be tighter. It is likely that companies will become required to provide even more detailed breakdowns of their numbers than they currently do or are required, for example, financial results by product line or business.
