Your role as Head of Regulatory Reporting in a bank or credit institution has never carried so much weight or demanded such a high level of commitment than it does today. You are expected to take on a pro-active approach towards the comprehensive understanding, planning for and managing of all regulatory reporting activities embedded across the various business lines within your organisation and not limiting yourself to the mindless production of volumes of data for the sake of regulatory compliance alone. Taking on an assertive approach in your position as Head of Regulatory Reporting is of the essence to avoid burdensome regulatory oversight and possible enforcement action. Being part of a living process in which regulation activity is continuously evolving means that concurrent activities developing over time within your business must comply with your regulator’s parameters. You are expected to adapt and cater for constant developments within the regulatory framework and to advise and guide management towards the proper and timely compilation of the required data.
Understanding the main challenges of the Head of Regulatory Reporting
With added pressure for higher compliance from your regulators, you will be facing the challenge of gathering more information from various departments. More importantly, you will be expected to submit reports concerning all areas for which your company caters within stipulated deadlines. In addition, in order to effectively comply with the burdensome process of collating timely statistical and supervisory reports, you will need to instil a sense of urgency among your team members.
However meeting your deadlines is only part of the process in the collation of the necessary regulatory reports. You will also be expected to maintain a reliable and quality assured reporting system by conducting regular internal checks of your regulatory program. Only in so doing, will you be able to achieve the indispensable confidence in your regulatory reporting processes and that it is providing you with the desired results.
Your job description may be extended to oversee data integrity and standardisation for reporting purposes across various cross-sections within your company. This supervisory aspect of your job will include monitoring the different departments of your business to guarantee that regulatory compliance is being integrated in their daily processes and not being relegated to the sidelines as a secondary part of their duties to be completed at a later stage.
Other ongoing duties include providing management with ad hoc reporting as may be required from time to time and maintaining a good relationship with the regulators, as well as keeping updated with both local and international frameworks. This allows for better anticipation of future regulatory reporting developments and their impact on your business processes, as well as implementing lines of action to adapt effectively to the ongoing changes.
Overcoming the Obstacles
Our BRS team has the necessary IT expertise combined with a thorough understanding of regulatory compliance to assist you in overcoming these challenges. BRSANALYTICS was specifically designed to ease the pressures synonymous with your position as Head of Regulatory Reporting.
We provide added assistance through the use of an automated solution which is both accurate and time-saving in producing the required regulatory reports and the ultimate tool to supplement the expertise of your staff. Consultation and recommendations for the implementation of best practice compliance solutions can also be scheduled to cater for your company’s specific needs as they continue to evolve over time.
Our engineers pride themselves in assisting with the compilation of timely and quality data reports to all regulatory bodies where you do business whenever necessary. We also provide support and constant training in the use of BRSANALYTICS to ensure that the regulatory requirements are met with greater efficiency and within a shorter timeframe by the persons who will be using the application the most.
Training and support are also given with the intention of bridging the gap between the technical and financial world to establish much needed confidence in operating the BRS solution in everyday business practices. Furthermore, the repeated and documented processes of BRSANALYTICS ensure ease of knowledge transfer between the individual members of your team to comply with your regulator’s requirements.
BRSANALYTICS is a packaged solution that does not require a lengthy implementation period. It provides a tried and tested system that delivers effective results at minimal risk, with a quick return on investment. In a nutshell, we provide a simple, no frills application which is nevertheless highly efficient at addressing the exact scope of your company’s regulatory reporting needs.