|
Straight Through Processing (STP) |
STP aims to
reduce trade settlement timescales by
implementing technology to allow
straight through processing of trades.
STP still faces challenges to allow for
time differences around the World. |
Middleware
Upgrade Messaging
Transformation
Data Enrichment and- Routing
Database Integration Integrating
internal applications to automate
internal processing. |
Operational
Operational and IT solutions necessary to integrate
process. |
| Basel II
Accord |
Regulation to introduce a standardized risk-sensitive capital framework in international financial institutions. |
Data collection
Analysis
Monitoring or Tracking Solutions
Risk Identification Technology (operational, credit and market) |
Operational
Continuing compliance in stages and IT investments started usually as part of an integrated regulatory and compliance infrastructure. |
| USA Patriot
Act |
US
Government Act to widen existing
Anti-Money Laundering requirements that
will affect all financial institutions. |
Tools to
enhance knowledge management
AML infrastructure tools
Integration of transactional-processing
systems |
Operational
Part of worldwide initiative for AML is
operational and IT solutions to reduce
cost and risk emerging. |
| Financial Transactions Reporting Act – FTR Act |
FTR
mandates the monitoring of transactions
and reporting of significant
transactions by cash dealers and
solicitors to support taxation and other
state laws. Update in 2004 to include
additional anti-terrorism measures. |
Australia
and dependencies Storage
Security
Data-mining
Business Intelligence
Workflow
Database
Specialist Packages
Backup
Disaster Recovery |
Operational
New requirements on scope and reporting detail following review to cover FATF recommendations. Expected
IT solutions investment to continue. |
| Rules on
derivatives trading |
As part of the WTO accession, China’s derivative trading system required opening up to foreign companies and investment organizations. |
Trading systems
International networking
Storage
Database
Security
AML systems |
Operational
Operational and IT solutions emerging. |
|
Financial Services Authority [FSA]
Reporting Rules |
New Capital Requirements Directive [CRD] requires new financial reporting by credit institutions and investment firms in addition to existing returns, using the FSA online Early Reporting System [ERS]. |
Online reporting
infrastructure
including security, information
management and web interface. |
Operational
Operational and IT requirements are high priority. |
|
PCI
[Payment Card Industry] Data Security
Standard |
The PCI Data Security Standard is a set of comprehensive requirements for enhancing payment account data security. It was developed by the founding payment brands of the PCI Security Standards Council, including Visa, MasterCard, American Express, Discover Financial Services and JCB, to help facilitate the broad adoption of consistent data security measures on a global basis. |
The PCI DSS includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures. This comprehensive standard is intended to help organisations proactively protect customer account data. |
Operational
Adopted and
IT infrastructure solutions being implemented. |
|
A Corporate Law Economic Reform Program (CLERP 9) |
CLERP 9 works in conjunction with ASX-CGC Corporate Governance Rules covering financial reporting in
Australia.
Requires CEO sign-off of the veracity of
accounts, including the underlying
systems and, through principle 7 of the
principles of good corporate governance,
risk management. Also requires timely
and balanced disclosure |
Risk Assessment Systems
Storage
Email Retention
Disaster Recovery Financial Systems |
Operational |
|
Personal
Data Protection Bill |
All businesses and organizations that deal with personal information must not use data other than for clear, specified purposes; information must be collected properly; must be current; kept secure and handled in a transparent manner that properly involves individuals. |
Security Data Management
CRM
Workflow
Document Management Systems |
Operational
Operating and basis for ISO 27001 standard information security adoption with related IT security solutions for integrated Information Security Management System [ISMS]. |
|
Spam Act |
Mandates that businesses should only send commercial messages with the recipients consent, identify the sending party and allow the recipient to unsubscribe. |
Database
Storage
Backup
Disaster Recovery |
Operational
Fully operational and demand for IT solutions still expected to reduce cost and risk. |
|
Privacy Act |
A wide ranging Act that covers the principles of data protection across all sectors, including medicare,
government, financial and other private
sector bodies. Requires the dual aspect
of protecting inadvertent disclosure of
private information together with the
need to disclose relevant information to
appropriate bodies. |
Security
Data Management
CRM
Workflow and Document Management Systems |
Operational
The ISO 27001 information security standard will probably be adopted as the foundation and the associated IT security infrastructure. |
ISO 20000
IT Service Management Standard |
ISO 20000 comprises two parts: ISO 20000-1 is the 'Specification for Service Management, and ISO 20000-2 is the 'Code of practice for Service Management'.
Together, these form a top-down framework to define the features of service management processes that are essential for the delivery of high quality services.
ISO 20,0000 allows IT organizations to formally certify their IT services, using ITIL [Information Technology Infrastructure Library] global best practice for IT service delivery. |
Security Management
Storage Management
Business Application Management
Server, Network & Device Management |
Operational
Rapidly adopted as the international standard for IT Service Management based upon ITIL based upon substantial TCO reduction as business case. |
|
ISO 27001
Information Security Standard |
ISO 27001 is the formal standard against which organizations may seek independent certification of their Information Security Management Systems to reduce businesses’ information security vulnerability. |
ERP solutions
IT Security Applications and services |
Operational
Rapidly being adopted worldwide as the
standard for business’ information
security. |
|
IAS (International Accounting Standards) |
International standards on accounting and the regulation of financial result calculation. Designed to improve transparency and represent a step towards a common global accounting standard. |
Enterprise
integration systems
Data gathering systems. |
Operational
The legislation will require significant
investment in appropriate systems to
facilitate internal reporting and data
gathering. |
|
Sarbanes-Oxley Act (SOX) |
Act (part of 2002, Sarbanes-Oxley Act) which
mandates that all auditing firms retain
records relevant to audits and reviews
also has significant implications on
companies’ IT resources. |
Document
Retention Systems
Email Management Systems
Content Management Storage Solutions |
Operational
SOX 404 deadline for non-accelerated filers and foreign private issuers in 2007 opening IT solutions for automated reporting including US owned off-shore corporations. |
| Islamic Financial Services Board (IFSB) |
Recent changes now allow investment in certain non-alcohol, gambling and other restricted areas. Under previous Sharia law, charging interest is usury. This has lead to the emergence of new Islamic banking practices. |
Banking systems
Database
Data Tracking and Monitoring
AML Systems
Processor
CRM
Networking
Security |
Potential
Targeting customer base of 1.2 billion and an estimated $180 billion in overall revenues and further expansion of the network continuing with need for highly automated IT process for low cost and risk. |
| T+1 (Settling securities in one day) |
Regulation aimed at shortening the settlement of traded securities from 3 days to 1 day. |
Middleware Upgrade
Messaging
Transformation
Data Enrichment and Routing Database Integration
Integrating internal applications to automate internal processing. |
Potential
The Securities Industry Association (SIA) pushing a set of objectives based on Straight Through Processing (STP) that supersede T+1 in time. |
| Australian Prudential Regulation Authority (APRA) Implementation of Basel II |
This Australian implementation of Basel II provides the framework for the regulation of Authorized deposit taking institutions (ADIs). |
Data collection
Analysis
Monitoring or Tracking Solutions
Risk Identification Technology
(operational, credit and market) |
Deadline
ADIs must meet the capital requirements of the Framework from 1st January 2008. Prudential plan reporting for the quarter
ended 31st March 2008. |
| World Trade Organization (WTO)
Entry Rules |
As part of its accession to the WTO, China’s banking sector has deadlines and schedules to open up to foreign competition. |
Storage
Networking (wide and local area)
Network management
Processors
CRM
Banking systems
Risk management solutions
Basel II solutions. |
Deadline
Peoples Bank of China mandated AML rules implemented as part of WTO responsibilities opening automated AML IT solutions market. |
