Regulations stifling economic recovery.
Position | Business & Finance |
Recent regulatory action, while it may be well-intentioned, is contributing to governance gridlock and increased liability, with the Dodd-Frank Wall Street Reform and Consumer Protection Act and its whistleblower policy at the forefront, declares a study by New York's Corporate Board and FTI Consulting, Inc. Additionally, escalating risk, particularly in the areas of operations, data security, and e-discovery is a chief concern among directors and general counsel. The majority of those surveyed agree that the ultimate impact of the Dodd-Frank Act will be increased oversight, reduced earnings, and a less attractive capital market environment. Likewise, about 75% of directors and general counsel do not anticipate the act will be perceived positively in the future.
"The findings from our 2011 survey reveal that directors and general counsel feel strongly about the potential ramifications of the increased regulation and share some key concerns," reflects Neal Hochberg, senior managing director and leader of the Forensic and Litigation practice of FTI Con sulting. 'q-he potential impact of the Dodd-Frank ACt is top of mind with these professionals, with many of them weighing the risks that this will add to companies."
With regard to the areas respondents find most challenging, the survey reports that directors' main wordes are operational risk (50%), data security (46%), and reputation management (43%). Likewise, data security is a big concern among general counsel (51%), trailing only e-discovery for litigation and investigation (56%) and management of outside legal fees...
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