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By Joel Birch - Clean up required - Governance, Risk , Compliance
Following a number of recent and high-profile corporate collapses and forced mergers, the attention needed to ensure that corporations act in the best long term interests of their stakeholders – customers, shareholders and employees has never been greater.
In recent weeks we have heard time and time again about the need for transparency and disclosure but have the most basic and fundamental of business requirements ever seriously been addressed? With lessons not yet learnt, and with stocks continuing to fall, who will be next?
“Last night the FTSE 100 index fell for the fourth consecutive day, despite an injection of $180bn to help these ailing corporate dinosaurs sort out their cash flows. Yet at close Lloyds TSB lost a further 15%, a 10% fall this week alone”
With the words ‘governance, risk and compliance’ still ringing in our ears from the Northern
Rock debacle what do these buzz words really mean, and has anyone really been listening?
“At the time of its untimely demise Lehman Brothers was increasing its investment in IT even as it headed into bankruptcy. In total it spent £173 million ($309 million) on improved technology and communications, an increase on the $282m that it spent in the same period last year”
"There are areas of IT that have to continue due to governance and regulatory requirements around data security and transactional integrity”
So now is the time to wake up to the demands of something so fundamentally important. All business big and small must look to implement structures, systems, processes and procedures that ensure they can meet the ever more important role that governance, risk and compliance solutions can play.
What will be the end result?
With the Financial Services sector still bloody and battered, and with several rounds still to go, the opportunity in the short term for IT vendors may look bleak but in the longer term, and with some much needed stability and market confidence, those vendors that are able to respond quickly, articulate and address this new found enthusiasm for improved governance, risk and compliance solutions may find that they are taken far more seriously than would appear to have been the case in the past.
By Joel Birch - Clean up required - Governance, Risk , Compliance
Following a number of recent and high-profile corporate collapses and forced mergers, the attention needed to ensure that corporations act in the best long term interests of their stakeholders – customers, shareholders and employees has never been greater.
In recent weeks we have heard time and time again about the need for transparency and disclosure but have the most basic and fundamental of business requirements ever seriously been addressed? With lessons not yet learnt, and with stocks continuing to fall, who will be next?
“Last night the FTSE 100 index fell for the fourth consecutive day, despite an injection of $180bn to help these ailing corporate dinosaurs sort out their cash flows. Yet at close Lloyds TSB lost a further 15%, a 10% fall this week alone”
With the words ‘governance, risk and compliance’ still ringing in our ears from the Northern
Rock debacle what do these buzz words really mean, and has anyone really been listening?
“At the time of its untimely demise Lehman Brothers was increasing its investment in IT even as it headed into bankruptcy. In total it spent £173 million ($309 million) on improved technology and communications, an increase on the $282m that it spent in the same period last year”
"There are areas of IT that have to continue due to governance and regulatory requirements around data security and transactional integrity”
So now is the time to wake up to the demands of something so fundamentally important. All business big and small must look to implement structures, systems, processes and procedures that ensure they can meet the ever more important role that governance, risk and compliance solutions can play.
What will be the end result?
With the Financial Services sector still bloody and battered, and with several rounds still to go, the opportunity in the short term for IT vendors may look bleak but in the longer term, and with some much needed stability and market confidence, those vendors that are able to respond quickly, articulate and address this new found enthusiasm for improved governance, risk and compliance solutions may find that they are taken far more seriously than would appear to have been the case in the past.