Regulatory reporting

Evolution of maturity at banking institutions.

Preparing high-quality regulatory reports that meet the needs and expectations of regulators has been a long-standing challenge for banking organizations. From the regulators’ perspectives, the data necessary to meet regulatory requirements are foundational to monitoring firms’ safety and soundness and are critical to developing and implementing sound public policy, including providing input to ongoing supervisory monitoring. Without consistent, fit-for-purpose data, these objectives likely cannot be met.

Yet data integrity problems continue to exist at many banking organizations. The larger, more diverse, and more complex an organization, the greater the challenge to meet accuracy, timeliness, and completeness standards over sustained periods. These challenges often emanate from changes to a business’ operating model, service delivery across jurisdictions, interpretative changes due to turnover, and systems changes.

Overall, root causes that contribute to not meeting data requirements and regulatory expectations commonly reflect issues in the following areas:

  • A governance structure that enforces accountability, measures data quality, mitigates reporting and operational risks, and allocates resources to address data and financial reporting challenges
  • Firm-wide data programs that include policies for creating and maintaining standard data and account definitions, including integrated accounting, risk, and data repositories • Firm-wide data integrity and quality assurance programs
  • End-to-end change programs that identify optimal impact across business, finance, risk, operations systems, and processes
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