Analysis firm, Butler Group has suggested that compliance with the Companies (Audit, Investigations and Community Enterprises) Bill is likely to cost UK businesses millions of pounds.
The legislation, which last week had its second reading in Paliament, is likely in many firms to require the updating of key IT systems, including business process management, disaster recovery, e-mail management, identity and access management, network security, policy management, records management, and search, discovery and retrieval.
"Any organisation will have a raft of existing infrastructure, such as reporting systems, very few of which will be up to scratch in terms of meeting the bill's requirements," Mike Davis, senior research analyst with Butler Group explained to the Microscope news service.
He went on to add:
"Few can deliver the information within required timescales with any accuracy without a great deal of manual overhead."
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