Resources for Sarbanes-Oxley (SOX)

Banking Reform and IT Risk

advice.cio.com

Unless you work in the financial services industry, the proposal Treasury Secretary Henry Paulson issued last week to reform U.S. financial institution regulations won't have much, if any impact on how your business runs. But it could benefit your IT strategy to pay attention as the debate over the proposal unfolds.

Paulson's proposal suggests several short-term and longer-term steps to better coordinate regulation of the U.S. financial system. The intent is twofold: to improve oversight—in order to be able to identify more quickly an impending fiscal crisis like the implosion of the subprime mortgage market—and to modernize the current regulatory structure to account for the risks and opportunities of global financial markets.

When Enron collapsed and the dotcom bubble burst, we got Sarbanes-Oxley, and IT departments ended up with a big headache as they scrambled to implement accounting controls.

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