As financial sector professionals know only too well, banks are constantly striving to make sense of their ever-changing reporting requirements and make considerable efforts to gather high volumes of granular data. This is highly time consuming, exhaustive work that is both arduous and costly, while the penalties for non-compliance are reputationally and financially expensive.
Over the past four years there has been a degree of progress across the entire area of financial reporting. The Basel Committee on Banking Supervision´s (BCBS) latest report (April 2020) suggests that governance arrangements have been markedly improved, while there have also been improvements to banking data architecture and IT infrastructures following the introduction of data dictionaries and enterprise data quality metrics. Nevertheless, the BCBS noted that several banks had still been assessed as ´materially non-compliant´, suggesting that there is still progress to be made in many areas of reporting.
One of the key issues, and particularly for smaller financial institutions, is the cost of compliance given the significant investments needed to meet reporting requirements. As many in the financial industry are now pointing out reporting efficiency and cost reduction can best be achieved through greater automation, which permits banks to answer any supervisory questions early in the reporting process.
The European Banking Authority´s June 2021 report on RegTech in the financial sector notes that:
Financial institutions using RegTech solutions highlight enhanced risk management, better monitoring and sampling capabilities, and reduced human error as the main benefits of use of RegTech solutions. Meanwhile the RegTech providers emphasise the ability to increase efficiency, quell the impact of ongoing regulatory change and improve effectiveness as key benefits associated with the use of their RegTech solutions.
We will look closely at the mutualisation of resources and providing cost effective regulatory reporting solutions across a wide range of customer requirements. We will also set out how sharing of IT infrastructure and operational costs across many financial institutions through managed services and cloud products can achieve cost reductions of between 30 and 70%.
The Key Take-Aways
Gain better levels of reporting efficiency
Drive down costs with mutualization of resources
Delve in to best practices of sharing of IT infrastructure through managed services and cloud products
Find the right balance between costs and benefits
This Webinar is in Partnership with
Regnology is a leading international provider of innovative regulatory and supervisory technology solutions (RegTech 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 800 employees at 17 office locations in 9 countries.