Regulatory reporting consolidation
The growing complexity of regulatory reporting requirements for financial institutions requires intermediaries to adopt a structured, cross-regulatory approach, framed within a consistent monitoring model incorporating data governance best practices.
In addition to the proliferation of obligations, regulators are paying more attention to the issues around regulatory requirements, resulting in the following issues for financial institutions:
- A constantly evolving regulatory framework, both as a result of new regulations and subsequent additions/refinements to requirements already introduced;
- An increase in the amount of information requested from intermediaries on models and systems implemented; and
- An increase in the quality expected from reporting outputs, as a result of practices and tools introduced by regulators to control financial institutions’ reporting outputs (including “cross-regulatory” analysis), which allowed the detection of additional issues and had the consequence of increasing the requests for intermediaries to adjust and resubmit reporting flows.
As a result of a series of regulatory waves, the regulatory reporting framework consists of a multitude of requirements from different regulations (MiFiD II, EMIR, DFA, MMSR, SFTR, etc.), whose intersecting and interrelated elements increasingly require intermediaries to adopt an integrated approach capable of ensuring consistency in models and encouraging synergies in adjustments.
We were required to develop an approach which addressed all of these issues and regulations.
In order to ensure regulatory requirements are met and internal processes, data governance frameworks and databases are aligned, we worked in collaboration with leading European companies to develop a future-proof approach which addresses these considerations.
The solution and key benefits
Our approach is capable of combining:
- Targeted actions with a pragmatic approach, aimed to achieve improvements in data quality in the short to medium term
- Design and support for the implementation of integrated frameworks for data monitoring and management of the evolution of reporting value chains, capable of exploiting synergies/overlaps between different reporting areas
Our approach can be used by any financial institution to ensure they remain compliant, so for more information on how we can help your organisation, please get in touch.