Regulatory Reporting

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Regulatory Reporting

A constantly changing goal post

Regulators require timely and high-quality data from the industry to monitor the health of the financial system, perform supervisory activities and make data-driven policy decisions that affect not only the industry they supervise, but our society as a whole.

The data needs for regulators are not static, and the industry has been bombarded with regulatory reporting changes in recent years; with COVID-19 accelerating the velocity and frequency of new reporting requirements. Regulators are demanding more granular data sets, in faster turnaround times and with heightened quality expectations. Enabled by strengthened accountability and enforcement regimes, local and global regulators have been empowered to enforce compliance.

Many firms experience significant challenges when introducing this level of change while continuing to meet existing reporting obligations due to various factors such as:

To ensure continued compliance with regulatory reporting obligations, firms require a fit for purpose governance and control framework, supported by systems, people and change management processes that are designed to meet the dynamic nature of regulatory reporting.

Legacy systems and complex data landscape.

Resource & budget contention.

Knowledge gaps for interpreting regulatory definitions and alignment with internal definitions.

Organisation silos.

Key staff dependency.

Manual processes and tactical approaches.

Our Approach

Leverage regulation to drive strategic transformation

While regulatory reporting is often considered as a "cost of doing business", firms are increasingly coming to the realisation that having access to granular datasets of high quality customer and transaction data is not just a regulator's aspiration. When business executives become involved in the review process of regulatory submissions (which is increasingly becoming best practice in light of formalised executive's accountability as data owners), they quickly realise there is untapped potential. After all, regulatory submissions cover all aspects of regulated entities' business data: customer, portfolio, transaction, credit/market/liquidity/operational risk, capital and so forth. And - when done well - the regulatory reporting process creates data sets are well governed and of high quality. These TRUSTED data sets can now be leveraged for various business purposes such as creating a single view of customer, portfolio and customer analytics, management and board reporting, etc. A process that was always considered as cost-centre now becomes a central component of an organisations data strategy.

How we can help

Combining deep domain expertise with technical know-how to deliver optimal solutions

We support our clients define their regulatory reporting strategy and implement data management disciplines with a framework that includes right leadership, technology/tools and operational functions with processes, policies and standards, to achieve sustainable and scalable business outcomes. Our cost-effective deployment model enables us to support organisations of all sizes, from large banks and insurance companies through to local credit unions and super funds.

As regulatory and data specialists, we differentiate ourselves by combining deep subject matter expertise with technical accumen and a hands-on approach.

Whether you use vendor solutions for all or part of your reporting, or internal systems and end user computing solutions such as excel spreadsheets, RegCentric can support you to efficiently implement optimal solutions across the end-to-end regulatory report production process; from data capture at source through to lodgement to the regulator.