To evaluate the attitudes and preparedness of companies affected by Dodd-Frank, Accenture conducted a quantitative global online survey of 132 company executives in Europe and North America regarding the Dodd-Frank regulation. Respondents included over 100 financial services executives and over 30 resources industry executives.
Accenture conducted similar research in 2010, at the time of Dodd-Frank’s passage. Our latest research found significant changes in attitudes toward Dodd-Frank over the intervening two years:
Clearly, as the implementation of Dodd- Frank has progressed, affected companies have developed a better understanding of the Act’s potential benefits as well as its anticipated costs and implications. In 2012, one in two companies anticipate spending over $50 million on Dodd-Frank compliance and almost two-thirds (64 percent) indicate it will increase company costs over the program’s lifetime. In 2012, 85 percent of all respondents said Dodd-Frank would require them to rethink their business models. And 83 percent of respondents claim Dodd-Frank would have more of an effect than they anticipated just 12 months ago.