We've suggested on several occasions that in this time of budgetary constraint, compliance and security projects would likely be easier sells internally, with risk management not far behind.  As the economic recovery continues, we're seeing signs that these priorities have not changed. They still command attention even from parsimonious budget planners.

A new poll from LogLogic of 82 banks, investment firms and insurance companies in found that nearly 60 percent plan to devote resources only to essential information technology needs. Only half plan to even evaluate new technologies. Cloud computing, despite a lot of hype, is still viewed with skepticism; 34 percent of respondents say it is not strategic to their company. The majority of firms said their compliance efforts were focused primarily on Sarbanes Oxley and Payment Card Industry Data Security Standards (PCI-DSS).

With the coming financial reform bill, you can bet the list of essential technology requirements will capture attention and resources. There will be some necessary financial systems tweaks, and there can be no fudging in those areas. Something as simple-sounding as offering an opt-in for overdraft protection can end up being a daunting IT task. So once again, new projects will be hard to get funded. You might have better luck if you wrap them in the imperative of compliance and security. 

For more:
- here's a Finextra article

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