Reinventing regulatory reporting with intelligent innovations
The complexities of existing disjointed regulatory data and technology infrastructure are a hindrance in achieving timely and accurate fulfilment of regulatory compliance, especially in areas of cross-border reporting challenges and obligations. Given the need for regulatory reporting transformation, banks have to build agile and resilient multi-jurisdictional regulatory reporting solutions using a robust data strategy, automation and technology-led innovation. The key imperatives for banks in this aspect will be:
- Embrace AI-led regulatory inventory and data processes to help drive agility in the data-sharing model
- Ensure standardised, granular and consistent data for multi-dimensional aggregation and focused analysis
- Adopt straight-through processing of data
- Implement timely report-fulfillment capabilities with a potential shift to on-demand reporting
- Adopt flexible architecture to support different regulatory reporting approaches.
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