Compliance is one of the beats I cover for WS&T, and in spite of the market conditions, or perhaps precisely because of them, compliance seems to be one area that is positively thriving right now.In particular, I am being inundated on a daily basis with phone calls and emails from e-discovery vendors.
This is a sector where competition is high and all the vendors I've spoken to over the last couple of months expect to see a huge rise in e-discovery requests due to the current financial crisis (eg regulators looking into M&As, wrongdoing, fraud, etc, and wanting to delve into companies' electronic records).
In the last week alone, at least 2 or 3 e-discovery/compliance vendors have contacted me on a daily basis.
Tata Consultancy Services, who came to our Manhattan offices today to brief us on industry trends, also highlighted just how hot an issue compliance has become.
"The Obama administration is I'm sure already working on new regulations," Ray Strecker, Head of Global Consulting Practice for North America, Tata Consultancy Services , pointed out. "People will have to spend on compliance, it's inevitable."
Because of the current financial mess we're in, a lot of the things financial firms used to decide are now in the hands of the government, and will continue to be for some time, Strecker says.
The regulatory hammer is swinging and will soon hit the ground. Financial firms will have to make sure their compliance tools and processes are water-tight.
Merill Lynch's bonuses, John Thain's office furniture, and news that in spite of the meltdown, this is the 6th biggest year on record for Wall Street bonuses, is now government business, and taxpayers' business too.Compliance is one of the beats I cover for WS&T, and in spite of the market conditions, or perhaps precisely because of them, compliance seems to be one area that is positively thriving right now. Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio