Nearly 90% of CFOs believe that the cost of compliance with Sarbanes-Oxley (SOX) outweighs the benefits, according to the latest survey from the Tillinghast business of Stamford, Conn.-based Towers Perrin.
“This underscores a key problem area for insurers,” notes Jack Gibson, managing principal for the firm’s North American life insurance practice. “We are five years past the implementation of SOX and companies still don’t feel the benefits justify the costs, and instead, believe that larger business issues and challenges are being neglected.”
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