The cost of complying with new banking regulations for risk-management and IT governance procedures seems set to soar.
New research from IT analyst group Forrester has found that complying with the New Basel Capital Accord, or Basel II, will cost large European banks about €115 million each over the next five years.
Considering that banks must also re-engineer some of their IT processes in order to comply with the new International Accounting Standard (by 2005), it all adds up to quite a headache for IT directors in the UK’s financial services industry.
