Basel II and Sarbanes Oxley spending increase 2006

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March 2006

The Association of Technology Staffing Companies (ATSCo) reports that the financial services industry is increasing its spending on IT areas such as Basel II and Sarbanes Oxley.

According to ATSCo, the prospect of continued pay rises in 2006 for IT professionals working in financial services is robust, with demand for IT staff continuing to rise after a year of bumper profits in the City.

ATSCo says that the impact of new regulatory regimes like Sarbanes-Oxley and Basel 2 on IT audit and controls has boosted demand for IT staff in UK financial services institutions.

Ann Swain says: "The financial reporting processes of most organisations are totally driven by IT systems and Sarbanes-Oxley has generated huge amounts of work as IT staff have worked to re-align systems. The Chief Information Officer's (CIO) role in signoff of financial data has changed almost beyond recognition in the last few years."

Likewise the Basel II capital risk-management accords impose stringent data management requirements on UK banks and financial institutions, the successful implementation of which will be hugely dependent on effective IT systems.

"The Basel II regime requires sophisticated risk models to be developed using data extending back many years, and the task for IT departments is huge. 2006 will be a year of frenetic activity as the 2007 deadline looms nearer," says Ann Swain.

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