Needham, Mass. (May 21, 2004) -- Add U.S. insurers to the list of companies Sarbanes-Oxley is hitting in the wallet – on average, individual insurance firms will invest from $250,000 to $750,000 over the next year to ensure compliance with the SOX financial accounting framework, according to a TowerGroup research study.
Even though the majority of insurance companies already maintain a "rigorous" corporate governance model, "Insurers realize that the [Sarbanes-Oxley] Act serves as a catalyst for a long-term financial systems architecture strategy and [for] process improvements in risk management," states the report, "Sarbanes-Oxley and Insurance: Requirements, Hype, and Opportunity," by senior analyst Cindy Saccocia.
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