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The changing face of regulatory reporting and compliance: A cat and mouse chasePublished by: Datamonitor Published: Jan. 30, 2004 - 16 Pages Table of ContentsTABLE OF CONTENTS ABOUT DATAMONITOR 2 Executive Summary 5 Overview 6 Business Issues 7 FSIs need to formalize and adopt a process-driven approach to information management and regulatory compliance practices 7 Remember that regulatory reporting and compliance are ultimately about governance, and hence, the overall compliance framework / approach should reflect the complexity of governance structures, processes and regimes that a FSI operates in. 8 FSIs need to use a scenario-based approach to defining compliance business requirements 9 Technology Issues 10 FSIs should begin assessment and adoption of XBRL compliant reporting systems, data and documents incrementally in preparation for “reporting streamlining” initiatives by national regulators and government agencies. 10 Do not underestimate the complexity and efforts required to pull disparate technologies together to achieve a coherent and efficient compliance infrastructure. 10 FSIs need to consolidate disparate reporting applications in order to gain efficiencies and economies of scale. 11 Making the investment 12 With the market for analytics, reporting tools and packaged reporting applications continuing to converge, FSIs need to take into account internal areas of emphasis, the user issues the institution wants to address, and the specific strengths / weaknesses of vendor solutions. 12 Internal FSI stakeholders and vendors playing in this space need to actively find means of justifying compliance beyond mere adherence to rules, and demonstrate additional sources of value. 12 CONCLUSIONS 14 APPENDIX 15 Definitions 15 Relevant readings 16 SPP writing team 16 AbstractIntroductionBanks have adopted a piecemeal approach that is both costly and error-prone to address continuing regulatory reporting changes. In recent years, with compliance lead times shortening, FSIs can no longer continue taking a fragmented approach. What are the considerations, issues and pitfalls that FSIs should be taking into account? What are the things vendors playing in this space need to heed? Reasons to Purchase Position yourself for how compliance practices will change, in light of increasing regulatory burdens (Basel II, IAS, Sarbanes-Oxley & US Patriot Act) Identify and understand key technologies that are relevant in pulling together an integrated and coherent compliance infrastructure For financial institutions, enhance planning of compliance initiatives & obtain key action points in streamlining reporting & compliance functions Scope Covers Basel II and risk management compliance business scenarios Provides framework for integrating technologies into a coherent compliance framework Highlights considerations and proposes actionable recommendations related to regulatory reporting from business, technology & investment perspectives Report Highlights FSIs need to use a scenario-based approach to defining compliance business requirements. Find out what scenario-based approaches are and how it can benefit compliance initiatives. Remember that regulatory reporting and compliance are ultimately about governance, and hence, the overall compliance framework / approach should reflect the complexity of governance structures, processes and regimes that a FSI operates in. What are the key questions to ask in aligning compliance and governance issues? Get Full Details About This Report >> |
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