Challenges of Regulatory Reporting
The phrase 'challenges of regulatory reporting' means different things to different organizations.
Regulatory reporting submissions are only as good as the data they contain. Constant activity which encompasses formal preparation, robust submission, comprehensive sign off and approval, and on-going maintenance and review are some of the key components needed to have confidence in submissions.
The creation of a consistent 'golden source' of data will increase both confidence and performance in firms' ongoing regulatory reporting and compliance challenges.
This whitepaper explores several key regulatory reporting challenges including:
Regulations and directives driving the agenda
Impact and uncertainty the UK's exit from Europe (Brexit) may have on regulators
Costs of compliance weighed against regulatory fines and reputational damage
Potentially contradictory interpretation and application of regulations
Role and recent decisions of the regulators themselves
Existing gaps between regulatory rules, and organizations’ processes and controls