Challenges of regulatory reporting

Gillian Boston

Journal of Securities Operations & Custody, 2017, vol. 9, issue 1, 18-24

Abstract: Citing numerous examples, this paper explores several of today’s key regulatory reporting challenges, including: • The regulations and directives driving the agenda; • The impact and uncertainty the UK’s exit from Europe (Brexit) may have on regulators; • The costs of compliance weighed against regulatory fines and reputational damage; • The potentially contradictory interpretation and application of regulations; • The role and recent decisions of the regulators themselves; and • The existing gaps between regulatory rules, and organisations’ processes and controls. More crucially however, this paper links the common theme underpinning all these regulatory challenges – data. From data integrity and management information (MI) to the benefits of workf low management tools and achieving a comprehensive audit trail, this paper challenges what ‘good’ looks like, and explains why the creation of a consistent ‘golden source’ of data will increase both confidence and performance in firms’ ongoing regulatory reporting and compliance challenges.

Keywords: regulatory reporting; regulatory requirements; financial reporting; financial controls; financial services regulation; data management; automated controls (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2017
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