Compliance Newsflashes

TowerGroup Report Estimates Increases in Compliance Waste; Offers Suggestions; Trema Introduces New Hedge Accounting Module; IT Compliance Conference Scheduled for Dec. 1-3, 2004, in San Francisco; Manulife Financial Implements Confluence's Clear Portfolio to Automate and Expedite Back-Office Procedures

TowerGroup Report Estimates Increases in Compliance Waste; Offers Suggestions

In a recent research report, TowerGroup estimates that financial-services institutions are being forced to adopt a "more dynamic, process-oriented discipline of enterprise risk management" due to the environment of corporate scandals.

Risk management approaches are currently seen as being highly fragmented across risk types, business lines and financial services products, and TowerGroup estimates that compliance waste could increase by up to 25 percent over the next five years. The report states that IT investments should occur across the enterprise and be "based upon a continuous framework and process to ensure ongoing compliance with both mandates."

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