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Can increased regulatory reporting requirements actually benefit Finance? Yes, they can.

Feb. 25 2014 by Sabrina Rosati, General Manager, CCH Tagetik Italy - CCH Tagetik

Reporting & Compliance Financial Services

Regulatory reporting requirements are something all industries have to contend with. This is especially true for financial institutions; FinRep, CoRep and Pillar 3 of Solvency II are the most recent examples that banking and insurance companies need to comply with.

Regulatory reporting is mandatory – your approach to addressing it can make the difference of adding or decreasing value to your company.

You can choose to view it solely as a cost of doing business and address it by implementing another stand-alone solution with data feeds from other systems that create yet another set of redundant data that needs to be maintained and vetted against financial statements or you can choose to look at this as an opportunity to have regulatory reporting be just an additional output from a single trusted reporting platform. With an integrated system you minimize data redundancy, integration requirements, and tedious (and error prone) vetting of regulatory reports to your financial statements. It reduces time and resources to produce, maintain and support the regulatory reporting process, and provides a new level of collaboration, accountability, and analysis that will never exist in a stand-alone approach.

Turn the burden of regulatory compliance into an opportunity to be a change agent. It’s easy(er) to get budget for a mandated compliance requirement so use that to your advantage to use that budget to address more than just a one-off compliance need. Turn that spend into a way to reduce the cost, risk, and duration of your broader reporting process and increase the time spent on analysis and modeling of actions that actually impact the bottom line.

"A genius is a man who takes the lemons that Fate hands him and starts a lemonade stand with them."
Elbert Hubbard, Reader's Digest, October 1927.

Regulatory mandates are lemons that can be turned into lemonade if you think outside the box.

Bring on the regulations!

What do you think?

If you are interested, here are a couple of examples of companies that have done this:

Tagetik for Solvency II

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