In a financial world increasingly driven by complex regulations and high-stakes compliance demands, firms are under mounting pressure to deliver precise, timely, and transparent reports. Yet, as data volumes grow and regulatory frameworks evolve at a rapid pace, many organisations are struggling to keep up.
FinTech Global recently hosted its latest Global RegTech Summit in London, welcoming RegTech leaders for a day to network and discuss the latest trends and innovations driving the RegTech sector.
One of the panels discussions at the event centered around focusing on a key topic – are current strategies enough for accurate regulatory reporting?
The panel kicked off the discussion by focusing on the challenges around this area. Beyond regulatory fines, the panel was asked what were some of the broader dangers facing financial institutions with inadequate reporting practices.
One of the first panellists to respond outlined one of the most aspects of avoiding such an event – strong and stable procedures behind a company’s operations. They referred to this as ‘low-hanging fruit’, stating that a company’s third line of defence would likely pick this up.
A fellow panellist picked up on this point, suggesting that inadequate procedures is often due to a wider issue within the company. This panellist also remarked that the other dangers they see beyond regulatory fines are constantly being in reactive mode and a loss of trust with internal and external clients.
Having a proper governance forum in place is a paramount need and expectation for firms that are looking to ensure ongoing regulatory compliance. Often, without this, businesses can be left rudderless in the face of shifting regulatory winds.
This firmly links to emphasising clear rules and responsibilities in teams in relation to this, something agreed upon by the panel as a vital step for any firm looking to manage regulatory reporting obligations.
An area where the panel all agreed in unison centered around firms taking a proactive and not a reactive stance when it came to regulatory reporting management. The biggest fear, a panellist explained, is often when a regulator comes knocking on the door, and being able to access the information needed to deal with it can be a challenge for firms that don’t take a proactive stance.
Profit and cost are a vital blood flow of any company, and often inadequate procedures in the regulatory reporting process can be a drain on finances with regular upgrades and regulatory fines costing firms both time and money.
A panellist stressed such a point, and added that keeping procedures up to date was a vital part of the process, reducing the need for cost incursions and burdensome fines.
For businesses that are looking to stay on the straight-and-narrow path when it comes to regulatory reporting, one panellist outlined the vital importance of technology in this process. When considering previous areas such as roles and responsibilities and procedures, this particularly panellist believes such processes are made considerably easier through the use of technology – making the straight-through process much more simpler.
In September, FinTech Global will be hosting the 4th annual Global RegTech Summit USA in New York. The event is the largest gathering of RegTech leaders and innovators in the US and a great place to connect with industry experts and RegTech leaders. More information about the event can be found here.
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