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How can Finance successfully handle the challenge of regulations?


Sara Rosati, CCH Tagetik Solution Management Director, talks about the benefits of having a single entry point for data when working on regulations.


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Transcript

New regulations, such as IFRS 9, 15, 16 and 17 had a very disruptive impact on financial organizations, by requiring a huge amount of data at disparate …… level, very complex calculation, operational and financial reporting logic of the numbers, impacting finance processes, systems and accounting policy.

These new regulations are compulsory and Finance must react and become compliant.

Think about large banks and insurance companies, they should be able to analyze thousand of rules, data for contracts and also assets, processes and finally submit the data quickly and this is not enough, data comes from many different sources throughout the organization and I feel that map this data, validate it, and then process it and finally do the report following the regulation in the most efficient way, is for sure the biggest challenge that our customer have to face.

A single entry point for data reduces the complexity, improves collaboration, centralizes the data governance, that is mandatory, gives them the ability to navigate data and analyze information in a friendly and ready to serve way, is essential for a modern finance executive, turning the burden of regulatory into insights about the performance of any organization.