What did the crisis highlight as the most important technology requirements in banking?
GG. It brought to the surface several technology imperatives. One is the ability to track the flow of data in the same way that say, FedEx can track the delivery of a package. We have to have more activity monitoring software in order to do that. Another technology imperative it has brought to the surface is the need for standardised data. If someone asks the question, ‘what is my exposure to Counterparty X?’ we have to have common identifiers and data nomenclature so that we can put that information together. And without that you’re flying blind and you can’t react to those events or really understand the risks you face. How do you think regulatory compliance in the wake of the financial crisis will affect banks’ spending and regulatory compliance? GG. I think there are opportunities to do regulatory spending in a smarter way. Perhaps banks could share the costs of that regulatory spend with other like-minded institutions. Maybe banks could do it once then share the investment because
