SIR – The necessity for legislative and regulatory compliance is uppermost in the minds of all IT, security and finance directors today, since the financial mismanagement of any given project could well leave senior managers in the company legally exposed.

However, the requirements of Sarbanes-Oxley, Basel II and the new regulations issued by the Financial Services Authority could result in another Y2K for IT users. Millions of pounds are currently being spent on systems projects to tighten up and, ultimately, secure company finances (and those controls placed upon them), and to formalise document and information management.

Moreover, the deadlines for compliance are randomly scattered throughout the coming months, rather like underwater mines waiting to catch out the unsuspecting and unwary. Navigating a path through to a safe haven calls for far more than merely applying basic project management skill sets and techniques.

Client organisations need to ask themselves three fundamental questions before throwing funds at any compliance project. First, do they possess the right tools – and have the right management practices in place – to scope the project, define its deliverables and the desired measure(s) of success?

Second, do they have systems in place that can accurately capture and record all of the time and resources spent on this preparation, as well as on the multi-faceted actions that must follow? Last but not least, are they able to collate and deliver all of this information in a clear and concise manner such that it is transparently visible to all stakeholders?

Without this approach, companies will waste significant amounts of time and money on projects which have a low probability of being completed on time and within budget, and which expose senior managers to Court action.

Tony Hurst, Head of Sales SharpOWL

Source

SMT