Further, the 1998 Data Protection Act, which implements the European Data Protection Directive, will have a bearing upon the way in which information is collected and used and to whom it is transmitted. It should be noted that the 1998 Act is not yet fully in force. Regulation is a fundamental consideration to any investment business or deposit-taker looking to get onto the internet. It is important that the IT Department of a financial services business understands the compliance issues at stake at the earliest possible stage of its systems development. In our brave new world of easy communication, it is surprising how many IT and Compliance departments only discuss the issue when its too late.
Time is critical, speed is of the essence, and IT systems are by no means cheap.
The need for getting the compliance aspect of technology correct cannot be underestimated. The cost of getting it wrong in both financial and regulatory terms is very high. 2001 KPMG, the UK member firm of KPMG International, a Swiss association. All rights reserved. Planning for Exit 4.