Magazine Issues » September 2008

CUSTODY 2008: State Street View from the Top

hooley.jpgJay Hooley
president and chief operating
State Street

Rising regulatory scrutiny and the
related cost of compliance that face the financial services industry have had a
dramatic impact on business as well as the steps financial services providers
must take to provide institutional investors with the transparency they need.

Every day, the duties regulatory agencies require of financial services providers
add to the tasks they must perform. Recent changes in regulations ranging from
Sarbanes-Oxley to Basel II have prompted most companies to reevaluate their
business processes, policies and conduct. Managing this process, and the
expense associated with compliance, will be an ongoing issue for the
foreseeable future.