Automation Can Help Banks Avoid Regulatory Reporting Mistakes

This guest article was written by Alice Allegrini, Sales Director at Tagetik, a visionary leader in global performance management software solutions.

When it comes to financial reporting, banks still rely too much on spreadsheets for the collection, entry and verification of data as these require manual intervention and adjustments that consume a lot of staff resources.

Reporting needs to be repeatable and auditable on a regular basis, and the evolving nature of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term means future-proofing will always be required of the software.

Research sponsored by Tagetik shows that banks spend 50% of their time preparing regulatory reports when they should really only be spending 20%. Consequently, they are sometimes left with no choice but to pass compliance costs along to customers by reducing existing products and services (44%), postponing or cancelling new product launches (58%) and increasing service fees (42%).

A robust, automated system centred on a reporting database enhanced by Big Data Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term is the optimal choice to overcome these pitfalls as it provides an easy-to-use and timely ‘single version of the truth.’

With regulatory deadlines always looming, banks should now automate to reduce cost and risk and not spend too much time handling data manually. That method is more expensive, more time consuming, and less accurate.