Around half of European companies risk being non-compliant with financial services regulations Basel II and Sarbanes Oxley because they are unable to audit their core business processes in a “systematic way”.
Research conducted by the Economist Intelligence Unit (EIU) showed that 47% of European companies could be non-compliant with new regulations.
Enterprise content management provider FileNet said: “Many new regulations, such as Basel II and Sarbanes Oxley and local FSA regulations, require companies to record both the process by which a decision is made as well as the outcome of that decision.”
The EIU research showed that 71% of respondents found their inability to manage this process a risk factor.
