Challenges of regulatory reporting

Abstract

Citing numerous examples, this paper explores several of today’s key regulatory reporting challenges, including: • The regulations and directives driving the agenda; • The impact and uncertainty the UK’s exit from Europe (Brexit) may have on regulators; • The costs of compliance weighed against regulatory fines and reputational damage; • The potentially contradictory interpretation and application of regulations; • The role and recent decisions of the regulators themselves; and • The existing gaps between regulatory rules, and organisations’ processes and controls. More crucially however, this paper links the common theme underpinning all these regulatory challenges – data. From data integrity and management information (MI) to the benefits of workf low management tools and achieving a comprehensive audit trail, this paper challenges what ‘good’ looks like, and explains why the creation of a consistent ‘golden source’ of data will increase both confidence and performance in firms’ ongoing regulatory reporting and compliance challenges.