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A Big Year For Outsouricng In Big Financial Firms!

By December 13, 2012

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Wall Street

If you work in a large corporation, you can expect a tidal wave of changes, regulations, and penalties from Washington D.C. Washington has been stalled for the last two years, because of the Presidential election and the dispute over the budget. But the elections are over, and the coming changes are now moving full speed ahead. What can you expect?

WEATHER: Hurricane Sandy was a disaster for New York and the East, but it was just the start. It's not just figuring out how we can pay for the construction of massive sea gates, it's also about deciding which communities should be reclaimed by the sea. At first, we will probably try to save too much, but then we will see that the cost could be more than any building project in the history of mankind. That cost will be borne by government and by private business. Just the "interim projects" to prevent short term disaster will require new cloud services, backup plans and other redundancy in services.

PENALTIES: A bit of damp in the basement is Wall Street's least problem. The global financial collapse was dealt with gently at first, because Wall Street looked like it could collapse at any moment. But now banks are healthier, and massive financial penalties are beginning to hit the top-tier firms. The Republican Party, badly beaten in the last election, is trying to distance itself as reputation as "protector of the super wealthy," making more Wall Street penalties even more likely. Wall Street will not only need to pay billion s in penalties, but will also slow down or stop other highly profitable enterprises. Outsourcing and process re-engineering is going to be stepped up in order to offset these hits to profitability.

UNCERTAINTY: Will new laws and compliance standards result from the changes on Wall Street? Look at Sarbanes Oxley, Dodd-Frank, Patriot Act, BASEL III and other regulations. Expect a lot more!

Start planing and preparing how you will bring on the resources that you need... it may be onshore, offshore, in the cloud or a fully automated solution... but expect that you will need to add something to offset the new administrative burden that Washington is about to put in place.

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