PRA Strong & Simple Regime: Transforming Regulatory Reporting for Smaller Firms
In today's rapidly evolving financial landscape, building societies are under increasing pressure to comply with ever-changing regulatory requirements. Traditional methods of regulatory reporting, often characterised by manual processes and disjointed data management, are becoming unsustainable. However, the emergence of digital processes and data-centric approaches is revolutionising how building societies handle these critical tasks.
Regulatory reporting has long been a significant challenge for financial institutions, including building societies. The complexity of ensuring compliance with stringent regulations, coupled with the volume of data that needs to be processed and reported, can be overwhelming.
A data-driven approach to regulatory reporting offers several key benefits:
- Enhanced accuracy and consistency:
By leveraging standardised data models, building societies can ensure that the information being reported is consistent across all reports and compliant with regulatory standards. - Efficiency and cost reduction:
Automating data collection, processing, and reporting significantly reduces the time and resources required to produce accurate reports. This not only lowers operational costs but also frees up valuable human resources for more strategic tasks. - Improved risk management:
With exceptional performance, building societies can quickly identify and address potential regulatory issues or unexpected changes by running metrics faster and more often to monitor key figures on a daily basis if necessary. - Strategic decision-making:
Access to accurate, timely data empowers building societies to make informed decisions that align with both their regulatory obligations and broader business objectives.
Dan Jones, Finance Director at Mansfield Building Society commented:
“We were looking for a RegTech solution which would allow us to be more agile and increase efficiencies not only within our regulatory reporting team, but across the wider business. Suade will enable a more granular view of our position at any given time for anyone who requires this information within the building society as well as external stakeholders including the Regulator.
“Another of our main goals when procuring a solution was to adopt emerging tech and be at the forefront of innovation. With the increasing focus from regulators to provide more agile governance and transform data collection, to remain competitive, we chose a solution which would allow us to keep up with this increasing change.”
The impact of automation on building societies
For building societies, the transition to automated, data-centric regulatory reporting is more than just a technological upgrade—it’s a strategic imperative. The benefits extend far beyond compliance, influencing every aspect of the organisation, from governance and risk management to overall business strategy.
By adopting automated solutions like Suade’s, building societies can achieve:
- Streamlined operations:
Automation reduces the manual workload associated with regulatory reporting, allowing teams to focus on value-added activities. - Scalability:
As regulatory requirements evolve, Suade’s platform can easily adapt, ensuring that building societies remain compliant without the need for constant system overhauls. - Competitive advantage:
Efficient regulatory reporting allows for greater data transparency throughout the society and a better and faster understanding of a firm’s risk profile and use of capital.
Conclusion
The future of regulatory reporting lies in automation and data-centric approaches. For building societies, embracing these technologies is not just a way to meet regulatory requirements—it’s a pathway to greater efficiency, reduced risk, and enhanced strategic decision-making. Suade’s innovative solutions are leading the way in this transformation, providing building societies with the tools they need to thrive in an increasingly complex regulatory environment.
As the financial landscape continues to evolve, those who adopt these advanced solutions will be well-positioned to navigate the challenges ahead, turning regulatory compliance from a headache into an opportunity for growth and innovation.
Live demo exclusively for building societies
Don’t miss the chance to learn more about this transformation at Suade’s upcoming live demo on the 26th of September, where real-world examples from Mansfield Building Society will bring these concepts to life.
Webinar on transforming regulatory reporting for building societies
Don’t miss the chance to learn more about this transformation at Suade’s upcoming live demo on the 26th of September, where real-world examples from Mansfield Building Society will bring these concepts to life.