Business Services Industry
Global Survey Shows: Basel II Driving IT Investments Financial Industry Regards Data Quality As A Key Issue For Risk Management.
Mondaq Business Briefing, November, 2004
A study of 1,700 banks from 63 countries, conducted by AIM Software, the Vienna University of Economics and sponsored by Reuters, has revealed that improving data quality is regarded as a key issue for risk management - and that regulatory requirements including Basel II and Sarbanes-Oxley are driving substantial investments in IT.
The survey quizzed banks about eleven key topics involving reference data management and risk management and shows that financial institutions worldwide are making considerable efforts to deepen their data management and increase data quality.
These efforts are being driven, besides cost pressures and increased transaction volumes, by regulatory requirements such as Sarbanes-Oxley and Basel II, which will be implemented in more...
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