Operational Risk Management Goes Global

New research from Celent (Boston) suggests that financial services firms across global regions will concentrate much of their spending over the next three years on operational risk management (ORM). Within North America and Europe, ORM spending is expected to rise from US$798 million in 2006 to US$916 billion in 2009.

According to Celent, though they are not required to do so currently, foreign firms are examining the outlines of Sarbanes-Oxley and Basel II to study the benefits of such regulations and prepare for their own programs. Celent expects to see a noticeable spend in Europe by 2008 in anticipation of the European Basel II. <<<