India is lagging behind Asia-Pacific in regulatory compliance with the level of programme implementations in the country lower than the APAC average of 42%, Japan (56%) and Singapore (52%), according to a new survey of 350 CIOs conducted by MarketShare for Serena Software.
In India, while more than two-thirds of companies agreed there were business benefits in implementing compliance initiatives, only 18% of companies have already implemented compliance programmes.
However, future uptake is promising, with 46% of India respondents planning to implement compliance programmes by 2008-end.
According to the survey, 88% Indian CIOs realise the importance of IT in ensuring regulatory compliance but others in senior management don?t share the same view.
About 44% of India CIOs feel upper management support the role of IT for compliance.
Only 20% currently spend more than 15% of their total IT budget on compliance-related activities. The outlook is only slightly better with 26% planning to spend over 15% of their total IT budgets on compliance-related activities over the next two years, the survey said.