Posted: 12 February 2013 | Source: Accenture
The Dodd-Frank Act has been called the most comprehensive set of U.S. regulatory reform measures since the Great Depression. Yet, more than two years after the Act was signed by President Barack Obama, only a third of Dodd- Frank’s nearly 400 required rules have been finalized and only a third have been proposed
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.
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