Monday, November 15, 2004

Rules trigger IT overhaul

Firms need a unified strategy to comply with new corporate governance rules including the US Sarbanes-Oxley (SOX) Act, a key part of which comes into effect today, if they want to ensure efficiency and keep down costs, say experts.

SOX will be followed next year by the Operating and Financial Review (OFR), which obliges listed UK firms to produce an analysis of risks in their annual reports. And the UK's Freedom of Information Act will come into effect in January, forcing local authorities and government departments to carry out data searches in a speedy way.

Firms will have to allocate resources to comply with the new rules, so IT directors should use this as an opportunity to develop best practices and build a framework that can meet a wide range of reporting needs, said Shaun Fothergill, security strategist for software giant Computer Associates.

Rules trigger IT overhaul

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