Jan
02
Expect the compliance treadmill is about to slow down? Think again. '06 and '07 are set to be big years for monitoring, record keeping and re-engineering of processes across businesses. Privacy and data retention will be just two of the drivers for the boom in regulations, according to new forecasts.
It means that in a shrinking jobs market, IT professionals will have to hone their skills in regulatory requirements and business know-how, says research firm Gartner.
Not that any of this will stop fraud or malfeasance. Expect at least one multi-billion dollar fiasco for 2006, warns the International Herald Tribune.
Might be a concern for anyone running a business but it's great news for lawyers, accountants and bureaucrats.
That’s good. Eventhough fraud and malfeasance is not totally eliminated, I guess that it is still a good prediction for a much stricter privacy and data retention especially that digital tech today is getting smarter and smarter opening opportunity for hackers and other data theives. A much cunning defense for all these is needed.
My view is that fraud can never totally be eliminated. With anti-fraud programs, monitoring controls etc there is still a chance that some employee somewhere might trigger a fraudulent transactions and noone can control it. You will have to live with it!