Sarbox and jobs

Here is one unhappy bunny suggesting Sarbox has not been that great.

Now I have personally been involved in a few Sarbanes Oxley projects and Codematic tools have been used on plenty more. And I know its sustaining a mini industry in compliance and control tools and projects.

(not sustaining enough for Compassoft though – too much posh wine?)

( ‘the leading provider of governance, risk and compliance solutions’ – now bankrupt. I assume they were in full compliance themselves?? And left no unsecured creditors out of pocket?)

So in terms of employment, Sarbox has helped a few in the control and compliance world.

The author’s agument in that piece though is that it stifled innovation in silicon valley, but added very little real transparency. Bearing in mind the Madoff ‘investment’ fiasco, I think its hard to disagree.

what do you think?

cheers

Simon

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2 Responses to “Sarbox and jobs”

  1. alastair Says:

    typically flawed response by the US. The logic is make a complex compliance scheme, and measure compliance with the scheme. Effectiveness of approach in dealing with the original problem = nil.

  2. Bob Phillips Says:

    When ever you hear the terms about regulation ‘stifling innovation …’, ‘rsiking jobs…’, ‘reducing competitiveness…’, then beware. You are listening to the advocates of ‘let it rip’ capitalism, one which inevitably leads to the meltdown that we are currently in.

    Madoff was a failure to apply the regulation, which in turn was a result of the pressure of the ‘let it rip’ advocates, those who want free rein to p*## all over the rest of us, knowing that the government will inevitably pick up the mess.

    I workd in an investment bank in the days of Basel II, and the implementation was done as cheaply and with as little impact as they could get away with, there was absolutely no thought given to making sure that the company would see this as an opportunity to apply more meaningful risk controls, ones that could help them avoid toxic risk.

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