Just as companies were beginning to recover from the biggest financial collapse since the Great Depression, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act last July. Dodd-Frank creates new regulators, provides existing regulators with new rulemaking and enforcement powers, and creates a host of new regulatory hoops for companies to jump through. Given the unprecedented scale and scope of the Act, the effect on information technology and data management systems will require a comprehensive approach to prevent major disruption to daily operations.
The challenge of preparing for Dodd-Frank may appear daunting if companies do not have a plan for systematically addressing the increased demands on existing infrastructure. While the Securities and Exchange Commission is still working on issuing the rules mandated by Dodd-Frank, the legislation has already presented a huge challenge to CIOs, even while they plan for what is still ahead.
