Regulatory reporting can sometimes be a highly burdensome and slow process for companies to undertake, making it tougher for them to focus on growth strategies. What role can RegTech play in improving this?
A recent discussion – taken from the Professional RegTech Certificate Training Course asked this key question amongst others, with Ashley Smith and Jackie Dunne, senior enterprise sales director and global head of client delivery at Compliance Solutions Strategies respectively – taking part.
One way that RegTech is helping firms optimise and make their services more efficient is by cutting through complexity, a common thread that runs through many organisations’ regulatory reporting processes. Instead of having experiences that are long, drawn-out and inefficient, many RegTech technologies are beginning to open the door for financial services firms to make their regulatory reporting processes more seamless and optimised.
Why is regulatory reporting proving so complex? Dunne had a couple of views on this. She said, “There’s multiple reasons. One particular one is that in terms of looking at the geographics and location of our clients and also the regulation, they’re spanning across multiple regulatory jurisdictions.
“That in itself brings challenges due to the fact they are trying to conform to pulling data together from multiple sources, so therefore the underlying data model is decentralised, and this becomes a core challenge.
According to Dunne, what ultimately companies are attempting to do is to bring all of those internal and external sources together to see how they can best truly relieve the key pain points that they have.
“What I believe is the foundation of this key pain area is the data and how they can basically assess that data. It’s really about laying the foundation and building from there. So I think that is a key pain point for the industry in terms of complying with the regulatory reporting requirements,” said Dunne.
Source: FinTech Global
