Regulatory reporting is moving out of the backwater and into the limelight. New RegTech tooling is here and leaders are deploying it now and regulators are defining their SupTech approaches.
However, supervisors are growing impatient with poor quality data and are raising the bar and issuing fines on both sides of the Atlantic.
A decade on from the last round of new regulatory reports post the crisis, scores of new reports are due to be delivered for more market transparency and prudential oversight in the next 36 months. The bills for these new reports are huge, but a mere fraction of the estimated £1.5bn to £4bn a year which 58,000 firms spend to satisfy 20,000 in the UK alone.
Dawd Haque, Deutsche Bank, Marc Gratacos, TradeHeader and Fraser Hall, Adenza talk about the big regulatory demands for new data and how new technologies are able to change the game, not only for the regulator, but for the industry as a whole.
The group discusses the huge business and supply chain opportunities which come with a focus on the ‘end to end’ view of the sector. A far cry from just completing a single regulatory reporting project this new approach has the potential to transform your business and dramatically reduce the cost of satisfying the regulator’s thirst for information.
This huge opportunity will not come without industry change. The efforts of the past decade to model the ‘end to end’ lifecycle of a trade have proven that safe space is required to bring the many disciplines together to share knowledge and agree digital standards.
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Consultancy services and software development. We design and deliver standards-related solutions and data validation tools for tier 1 banks, financial institutions and a diverse range of payments organizations around the world.