FRCP Still Posing Challenges
November 30, 2007
Other indications nonetheless suggest that many firms are still struggling with some of the technology aspects of the FRCP amendments.
Dragging Their Feet
Even one year on, a large number of enterprises are still not where they need to be with regard to the FRCP amendments, warns Rick Chin, senior vice president of IT at Orlando, Fla.-based financial services company Pinnacle Financial.
"My experience of talking to other IT managers is that the vast majority of them are not ready for this at any kind of level," he told Byte and Switch. "I would say that a lot of people haven't acted on this yet, and opened themselves up to a lot of risk."
The exec explained that, the timing of the amendments, right at the end of 2006, came at a bad time for many organizations. "A lot of people were at the end of a budget year, and were not able to act quickly," he says, adding that Pinnacle avoided this by starting its FRCP work early.