Bridging the regulatory gap through modern technology
Capital, Financial, Liquidity and Statistical Reporting 2021
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Financial institutions are under pressure from regulators to automate their regulatory reporting which includes having effective and efficient tools in place. In recent years, there has been a significant increase in innovative projects from regulators, focusing on improving processes to reduce overheads through technology and data. In the near future, regulators will want to see a holistic and readily accessible view of the reporting process and the firm's granular data.
The expectation to provide granular data as well as demonstrate a complete understanding of the underlying numbers is increasing. This, combined with the need for data harmonisation, is intensifying the burden on financial institutions that do not have adequate systems and controls and has resulted in the rising cost of regulatory reporting.
To address these challenges, financial institutions must adopt modern technology that has been designed for the future of regulation. Firms should complement this technology with an approach to data that is granular and fit for purpose to unlock the power of regulatory information.
To find out more about how Suade is revolutionising regulatory reporting and driving innovation in financial services, please get in touch.