Directors confused by scattered compliance

The necessity for legislative and regulatory compliance is uppermost in the minds of all IT directors and finance directors, since the financial mismanagement of projects could leave senior management legally exposed.

However, the requirements of Sarbanes-Oxley, Basel II, and the new regulations from the Financial Services Authority could result in another 'Y2K' for IT users. Millions of pounds are being spent on systems projects to tighten up and secure financial controls and formalise document and information management.

Moreover, deadlines for compliance are randomly scattered throughout the coming months, like underwater mines waiting to catch the unwary.

Navigating a way through to a safe haven calls for far more than just applying basic project management skillsets and techniques.

Companies need to ask three fundamental questions before throwing money at a compliance project. Firstly, do they have the right tools and management practices in place to scope the project, and define its deliverables and the desired measures of success?

Secondly, do they have systems in place that can accurately capture and record all the time and resources spent on this preparation, as well as on the multi-faceted actions that must follow?

And last, but not least, are they able to collate and deliver all this information in a clear and concise manner so that it is transparently visible to all stakeholders?

Without this approach, companies will waste significant time and money on projects that have a low probability of completion on time and within budget, and that expose senior management to court action.

Tony Hurst, Head of sales, Sharp OWL.

Letters can be sent to: The Editor, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, by fax on: 020 7484 9988, or by e-mail to: jonathan.swift@incisivemedia.com.