Brokerage firms face a delicate balancing act over the next year. At a time when precarious financial markets are pushing Wall Street to cut operating expenses, there is a crying need for increased resources in areas such as risk management and compliance.
Firms are eager to remedy the portfolio valuation problems, post-trade processing errors and lapses in oversight of business procedures that have contributed to multimillion-dollar write-downs, major reputational damage and heightened regulatory scrutiny.
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