Tuesday, 23 June 2020
9am BST | 10am CET | 4pm SGT | 6pm AEST

Business Continuity in Regulatory Reporting

Opportunities through IT Outsourcing and Cost Effective Strategies for Forward Looking Banks

In Partnership With

Tokyo
Why This Webinar Panel Discussion?

Our financial system is much more secure today than before the financial crisis, but the associated regulatory costs for banks are enormous. Low interest rate environment, digitalization, new competitors and the current economic crisis triggered by the coronavirus pandemic are putting massive pressure on the financial services industry.

Supervisors in Europe have taken measures in response to the crisis to somewhat ease the regulatory pressure on financial institutions in the short term, for example by postponing stress tests and Basel III finalisation, as well as new simplified regulations such as the Investment Firms Directive (IFD). However, as the countries pursue to obtain better and more timely data to mitigate their risks, we can expect that the current crisis will accelerate the shift towards more data granularity and near-to-real-time reporting. Thus, in the mid-term the regulatory pressure on financial institution will increase. The banks must therefore think about new models of cooperation. Standardisation, industrialisation and automation are logical ways of exploiting economies of scale across borders.

Furthermore, the Covid-19 pandemic has made Business Continuity Management (BCM) a priority. Corresponding requirements by supervisory authorities have already been in place for years, for example Guidelines on ICT and Security Risk Management by the European Banking Authority (EBA) or Technology Risk Management Guidelines by the Monetary Authority of Singapore (MAS).

In this context, more and more institutions are taking the step of outsourcing important processes that are not part of a bank's core business, such as regulatory reporting. Outsourcing in the form of application management and operation as managed services or complete business process outsourcing can reduce IT operating costs and relieve the burden on personnel capacities.

The Key Take-Aways

What measures in the area of regulatory reporting did supervisory authorities take in reaction to the current crisis triggered by COVID-19 pandemic?

Business Continuity Management in Regulatory Reporting

Managed services in regulatory reporting and BCM: Challenges and opportunities

How can IT outsourcing setup look like?

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The Webinar Panel

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This Webinar is in Partnership with

REGNOLOGY

Regnology is a leading international provider of innovative regulatory, risk, and supervisory technology solutions (RegTech, RiskTech, and SupTech), of AEOI and tax reporting products, as well as of services along the Regulatory Value Chain for financial services. Regnology has been a partner for banks and regulators for 25 years. Until the end of 2020, the company was part of BearingPoint group and operated under the name BearingPoint RegTech. Since the sale of the RegTech business to private equity firm Nordic Capital, the company has been independent. In June 2021, the company joined forces with Vizor Software and recently changed its name to Regnology. In total, Regnology serves more than 7,000 financial services firms with reporting solutions. At the same time, the company enables more than 50 regulators and tax authorities on five continents to collect data from 34,000 firms in 60 countries. Regnology has a total workforce of over 770 employees at 17 office locations in 12 countries.