Attending an OMG event today I participated in some sessions on Compliance. OMG is getting more active in compliance, both with the OMG Regulatory Compliance Alliance and with a Domain SIG.
Lots of interesting discussions about how to turn regulations into something parse-able or executable as well as some wonderful stats on regulations and compliance:
- Regulatory compliance costs IT $billions annually
- The US alone passes over 4,000 new final rules annually
- Basel II will cost over $15B globally
- A typical international bank may be governed by over 1000 regulations
The full presentation will be made available here.
There were also some good discussions around the mismatch between business folks and IT in regard to compliance - the IT folks know they are going to have to spend money on this while business folks seemed to think that no additional IT spend would be required.
Finally there were some good discussions on how to show an ROI for compliance initiatives, somewhere I think Decision Yield has a role to play. The specific article on decision yield from HBR is here - little decisions add up.
I have written a fair bit on this blog about the use of EDM and business rules in compliance. Enjoy.
