A New York Attorney-General, Mr. Elliot Spitzer started a major investigation into the insurance industry in the USA. The outcome of his investigations has huge potential to create enormous fallouts in the industry. The outcome of his investigation actually resulted in over 25 States within the United States to initiate their own investigations.
Although only two European firms were named in Spitzer's complaint, the European firms are now conducting internal reviews to make sure that they are not engaged in the price-fixing scandal.
In order to protect European insurance and banking consumers, the European Union (EU) and some of Europe’s national governments, including both regulatory and oversight agencies, are pushing for transparency to ensure business transactions contain extensive written records and trails.
The need to have records and trails requires changes to the Information Systems (IS). This has also led to the need to re-examine IS as there might require modifications to the delivery processes of the Information Technology (IT) department.
How does your organization comply with the demands for transparency where the onus for proof lies with the IT department without degenerating into a bureaucratic colossus for the IT department?
