Cost of Compliance: How to Unburden Financial Institutions

As financial sector professionals know only too well, banks are constantly striving to make sense of their ever-changing reporting requirements. They also have to make considerable efforts to collect high volumes of granular data, which is highly time consuming, creates additional workload and therefore extreme arduous and costly. On the other hand, penalties for non-compliance are both expensive and damaging to reputation. 

Over the past four years, there has been some improvement in the area of regulatory reporting. The Basel Committee on Banking Supervision´s (BCBS) latest report (April 2020) suggests that governance arrangements have been considerably 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, for smaller financial institutions in particular,  are the cost of compliance given the significant investments needed to meet increasing and ever-changing 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 allows banks to answer any supervisory questions early in the reporting process.

Join our webinar during which we will look closely at the mutualization 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 between 30% to 70%.

The Key Take-Aways

  • Gain better levels of reporting efficiency
  • Drive down costs with mutualization of resources
  • Delve into best practices of sharing of IT infrastructure through managed services and cloud products
  • Find the right balance between costs and benefits

Speakers

  • Veena Srikumar, Head of Regulatory Reporting | UNITED BANK OF AFRICA (UK)
  • David McDonald, Head of Regulatory Reporting | CLOSE BROTHERS
  • Nick Grist, EMEA Head of Regulatory Reporting | SMBC EUROPE
  • Bodo Windmöller, Senior Vice President Product Management | REGNOLOGY

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