Table of Contents

List of Tables and Illustrations …………………………………………………………………………………………. 5
Acknowledgements …………………………………………………………………………………………………………. 6
Abstract …………………………………………………………………………………………………………………………. 7
Introduction ……………………………………………………………………………………………………………………. 9
Background and Definition …………………………………………………………………………………………… 9
Aim and Objectives……………………………………………………………………………………………………. 10
Approach ………………………………………………………………………………………………………………….. 11
Organisation ……………………………………………………………………………………………………………… 11
Scope and Limitations of Research ………………………………………………………………………………. 12
Major Contributions of the Study ………………………………………………………………………………… 12
Literature Review………………………………………………………………………………………………………….. 14
Common Facilitators/Sources and Barriers to Innovation ……………………………………………….. 14
The Difficulties in Measuring Innovation Within the Banking Sector ………………………………. 15
Sarbanes-Oxley (SOx) ……………………………………………………………………………………………….. 17
MiFID ……………………………………………………………………………………………………………………… 19
The European Data Protection Directive ………………………………………………………………………. 21
The Dodd-Frank Act ………………………………………………………………………………………………….. 22
The EU Cookie Directive ……………………………………………………………………………………………. 26
The Bank Secrecy Act (BSA) ……………………………………………………………………………………… 27
Basel I, II & III………………………………………………………………………………………………………….. 29
Research Methodology and Methods……………………………………………………………………………….. 32
Research Philosophy ………………………………………………………………………………………………….. 34
Positivism ……………………………………………………………………………………………………………… 34
Interpretivism ………………………………………………………………………………………………………… 35
Realism ………………………………………………………………………………………………………………… 35
Research Approach ……………………………………………………………………………………………………. 35
Deductive ……………………………………………………………………………………………………………… 36
Inductive ………………………………………………………………………………………………………………. 36
Research Strategy………………………………………………………………………………………………………. 37
Research Choice………………………………………………………………………………………………………… 38
Mono Method………………………………………………………………………………………………………… 38
Multiple Methods …………………………………………………………………………………………………… 38
Mixed Methods ……………………………………………………………………………………………………… 39
Time Horizons ………………………………………………………………………………………………………….. 39
Data Collection and Analysis………………………………………………………………………………………. 39
Primary Data Collection …………………………………………………………………………………………….. 40
Ethical Issues ……………………………………………………………………………………………………………. 41
Data Analysis and Findings ……………………………………………………………………………………………. 43
What challenges do IT in the finance sector face in order to meet with compliance
requirements? ……………………………………………………………………………………………………………. 44
The complexity and lack of clarity of regulatory legislation ………………………………………… 44
Data quality, integrity and classification …………………………………………………………………… 47
How do meeting compliance requirements effect IT’s overall operating budget? ………………. 49
How do meeting compliance requirements effect IT’s manpower resources and ability to
support emerging projects? …………………………………………………………………………………………. 51
How do IT and financial organisations as a whole benefit as a result of regulatory compliance?
………………………………………………………………………………………………………………………………… 53
How do IT and financial organisations as a whole suffer as a result of regulatory compliance?
………………………………………………………………………………………………………………………………… 56
What level of support is there available to IT in financial organisations to understand and
enact complex regulatory requirements? ………………………………………………………………………. 58
What level of support is available to compliance/operational risk to understand the
technological aspects of various regulations? ………………………………………………………………… 60
What aspects of the current compliance/regulatory structure could be changed to facilitate IT
innovation in the finance sector, without of course impacting the integrity of these laws? ….. 61
Tighter management of regulations within organisations and a more compliance friendly
culture ………………………………………………………………………………………………………………….. 61
A consultative section within regulatory bodies to act as a point of contact for industry
technology issues …………………………………………………………………………………………………… 62
A more refined, globalised regulatory structure …………………………………………………………. 63
Conclusions ………………………………………………………………………………………………………………. 65
Recommendations for Future Research ……………………………………………………………………………. 70
Self-Reflection on Own Learning and Performance …………………………………………………………… 71
Rationale for Undertaking MBA (Information Systems) ………………………………………………… 71
Key Skill Areas Developed During MBA …………………………………………………………………….. 74
Interpersonal Skills ………………………………………………………………………………………………… 74
Critical Skills ………………………………………………………………………………………………………… 75
Personal Management Skills ……………………………………………………………………………………. 75
Research and Investigative Skills …………………………………………………………………………….. 76
Development of Learning Style …………………………………………………………………………………… 76
Conclusion ……………………………………………………………………………………………………………….. 79
Bibliography ………………………………………………………………………………………………………………… 81
Appendix I …………………………………………………………………………………………………………………… 86
Interview 1: ………………………………………………………………………………………………………………. 86
Interview 2: ………………………………………………………………………………………………………………. 97
Interview 3: …………………………………………………………………………………………………………….. 105
Interview 4: …………………………………………………………………………………………………………….. 113
Interview 5: …………………………………………………………………………………………………………….. 120
Interview 6: …………………………………………………………………………………………………………….. 128