The escalating complexity and volume of financial regulations have escalated the resource demand for regulatory reporting. Banks, insurance firms, and capital market companies are under immense pressure to maintain impeccable data and reporting functions. These functions are not just critical to evade compliance issues, but also for the optimisation of processes to prevent further strains on the operational budget.
Regnology recently explored why the Cloud is the next step in regulatory reporting.
However, current methodologies seem inadequate in handling this mounting pressure. It is alarming that almost 75% of financial service institutions (FSIs) find their existing compliance solutions inadequate, with over half of them still relying on rudimentary manual systems such as emails and spreadsheets.
RegTech and managed services are well-known catalysts for improving efficiency in regulatory reporting. Yet, the technology infrastructure enabling these solutions is not as appreciated. However, when correctly utilised, this infrastructure can drive immense efficiency, scalability, and computational speed.
Regnology explores how FSIs can leverage the power of the public cloud, specifically designed for regulatory data and reporting needs. The migration to cloud-based solutions offers the potential for innovation and efficiency, acting as the next crucial step in regulatory reporting.
Read the full story here.
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