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Migrate to innovate
In this article, we discuss how FSIs can benefit from moving regulatory reporting functions to a public cloud purpose-built for regulatory data and reporting needs.
As the number and complexity of financial regulations continue to rise, so too do the resources required for regulatory reporting.
It is paramount for banks, insurance companies and capital markets firms to have airtight data and reporting functions to avoid compliance issues, as well as to streamline processes so that these functions don’t pull even more resources from the operating budget.
The challenge: their current methods simply aren’t keeping up. Nearly three-quarters of financial services institutions (FSIs) said their existing compliance solutions fall short of meeting their needs, while more than half still rely on manual solutions, such as email and spreadsheets.
While RegTech and managed services are well-known drivers of efficiency in regulatory reporting, there is less awareness of the technology infrastructure that powers these solutions. With the right approach, this infrastructure can fuel deep efficiencies, massive scalability and turbocharged compute speed.
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