Throughout 2020, Regulatory Reporting obligations created a plethora of challenges across different organisations within the financial service industry, from insurers and banks to asset managers and payment processing firms. These challenges are set to continue into 2021 and beyond, as the sector continues to deal with unprecedented levels of complex regulatory change and ongoing, large-scale external stress events.
The Key Challenges of Regulatory Reporting:
- Insufficient Governance
- Poor Integration of the Technology Ecosystem
- Limited Control of Master Data
- Reduced Data Integrity
- Operational Risks of End User Automation
This paper summarises the key regulatory topics for 2020/21, associated challenges with regulatory reporting and finally how AutoRek can partner and successfully support its new and existing client base with these challenges.