Once the dust has settled a new dawn of regulatory regime will emerge.  This may lead to a potential new boom in compliance services.  David Curle, Director and Lead Analyst of Outsell Inc. wrote in his recent Outsell Insight:  “Wall Street’s troubles and the proposed bailout could be a boon for the finance and governance compliance industry – but information players need comprehensive offerings. The legal and compliance industries love misery and the new magic words will be oversight, transparency and regulation, which create opportunities for all kinds of players who want to help corporations meet those new obligations efficiently and at the lowest possible cost.”  

However David Curle also pointed out that the first thing to expect will be a surge of new software solutions designed to track and report all kinds of regulated activity.  Many current software offerings are simply warmed-over and re-branded versions of generic document management and other enterprise software tools.  Moreover, technology solutions tend to overemphasize the role of automation, and underestimate the role of human factors such as culture, education, and organization in successful, integrated compliance functions.  Compliance functions are supported by a complex mix of participants including publishers, IT providers, lawyers, accountants, consultants, training companies, and the regulating bodies themselves.  Source: www.outsellinc.com

BIIA Newsletter September 2008 Issue