The complexities of regulatory reporting have increased over the past decade increasing the cost of reporting for financial institutions. According to the Bank of England Future of Finance Report, regulatory reporting costs the UK industry £2.0-£4.5bn per year.
The Financial Conduct Authority (FCA) launched its project on Digital Regulatory Reporting (DRR) in November 2017. The objective of the project is to reduce the regulatory burden on firms, automate regulatory reporting, and improve the accuracy of reports submitted to the regulator.
This White Paper discusses the initiative and Suade's approach to regulatory reporting in more detail. Read the white paper here.