IT to lead financial compliance schemes

Fresh regulations aimed at standardizing processes in the financial sector have created poorly defined compliance rules and have resulted in increased IT spend, according to research published by the Economist Intelligence Unit (EIU) for Changepoint, a provider of governance and business IT software. The report concludes that billions in investment will be necessary to comply with regulations ? such as Basel II ? and that 59% of respondents to the EIU research are investing heavily in existing IT systems with a further 34% planning on acquiring new IT systems.