Humans can no longer be the stewards of data if a firm wants to implement digital reporting, according to a panel discussion.
A panel, which was hosted by regulatory reporting service Vizor, discussed the digitalisation of regulatory reporting and how APIs can help. Joining the conversation were was Vizor chief technology officer Ryan Flood, Bank of Ghana assistant director of IT Joseph Oko Lartey and digital reporting specialist and ex-head of software development at Central Bank of Ireland Declan Collins. Serving as the panel’s moderator was Vizor chief innovation officer Joanne Horgan.
Horgan asked the panel what the key challenges software vendors were facing when implementing digital reporting. To which, Flood stated the primary challenge is data and the sheer volumes and complexity of it that companies need to be able to get their heads around.
He said, “Humans are really struggling to deal with those challenges today. It is at a tipping point of sorts where they can no longer be couriers of that data or data stewards. So, we have really got to look to digitalise as much as possible, be it digitising the channel via APIs but it could also be digitising the content with machine readable specifications or downstream digitising the analysis by bringing in the tools like machine learning.”
But it is not just the sheer amount of data that businesses are struggling to keep up with, it is also the rate of regulatory change. There is an influx of regulations entering the market as countries try to make the financial ecosystem safer and more stable, but this leaves a lot of work to be done. Flood added, “That really poses big challenges not only for the regulated but the regulator too in terms of being able to react to that change.”
The key to keeping up with the change is by implementing technology solutions that are designed to keep up with change and can do so quickly.
Vizor, which is based in Ireland, builds regulatory software for central banks, tax authorities, pension and insurance regulators and other regulatory authorities. Its supervisory technology can help ease the burdens of regulatory and tax reporting through its flexible data collection.
The webinar was split into five key segments. There was a presentation around the evolution of regulatory reporting, a business case for closer SupTech and RegTech alignment, a case study from the Bank of Ghana, a panel discussion and a Q&A.
To view the full webinar click here.
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