Bank CIOs looking to Increase IT Spending on Compliance in 2011
John Kelly 270004J7VQ email@example.com | | 0 Comments | 489 Visits
A recent survey of Bank CIOs shows that increased regulatory pressures falling out from new and changing regulations as well as the need to improve reporting are expected to be major drivers of increased IT spending at banks. The survey, conducted by Bank Systems and Technology magazine asked members of its Reader Advisory Board about plans for IT spending in 2011. According to the report, “most banks will undertake major systems upgrades in the next 12 months.” The projects include compliance, core systems and mobile banking initiatives.
Paul Johnson, CIO of Winston-Salem, N.C.-based BB&T, stated “responding to regulatory requirements [and] expectations” will be a top priority. Jerry Hermes, CIO of Navy Federal Credit Union added, “The regulatory changes we have to watch for next year will be huge.”
The scope of recent rulemaking such as Dodd-Frank suggests that we’re going to be in a very dynamic regulatory environment for a long time. If you’re evaluating regulatory compliance solutions to assist with this dynamic environment of regulatory change, you would do well to require one that can help you put in a place a programmatic framework for communicating changes and managing the internal regulatory change process, as well as managing the interactions with external regulators. Lastly, make sure this information architecture can adapt to change over time.