Improve accuracy, timeliness, quality, and efficiency of your Regulatory Reporting requirements with OneSumX.
Today, financial institutions are confronted by more assertive and aggressive regulators and wider and more intrusive rules. Banks, insurance companies, fund managers and other financial firms face tough and challenging times.
As regulatory policy initiatives continue to be presented in jurisdictions around the globe, the volume and complexity of reporting that firms need to complete is increasing. As a result, resources are being stretched to meet the new requirements. Keeping ahead of the changes, and the increasing demands of the business is becoming a significant challenge.
Financial institutions need to submit a wider range of information to their regulators than ever before. The depth and detail of information required is also greater. In addition, the new rules have created more statutory and regulatory limits to which firms must adhere, that often require them to prepare working versions of regulatory submissions frequently, to ensure that they continue to operate within their prudential limits.
The greater the number of reports firms must submit, the greater the likelihood of errors, mistaken submissions and misunderstanding of reporting obligations. All of this leads to added pressure for firms to reconcile requirements needed to ensure perfect alignment between finance and risk reports, both for internal use and externally for regulators. Falling short of what is required can invite reputational damage, regulatory sanctions and in some cases financial penalties. In short, it has never been more important that financial institutions get regulatory reporting right.
OneSumX Regulatory Reporting, part of OneSumX for Compliance, uses a single source of data to ensure consistency, reconciliation and accuracy.
Local domain expertise with in depth subject knowledge and connections into the local regulators that overcome language difficulties while maintaining gobal consistency.