Driven by the need to meet the requirements of the Patriot Act and the Sarbanes-Oxley Act, the nation's financial institutions spent $2.6 billion on information technology to facilitate compliance, and another $6 billion on operational needs, according to Financial Insights. The research and advisory firm says it expects that trend to continue and even accelerate in 2004 and 2005, with increased spending on such areas as data marts to meet record-retention requirements, transaction monitoring applications and integrating compliance-related activities across applications. Here are a few tables from a new report by Financial Insights on the topic of compliance IT spending.
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