Regulatory reporting is a critical function, an often complex and time-consuming process, necessary for financial institutions to meet their obligations to regulators and to demonstrate that they are operating in a compliant manner. The strategic importance of regulatory reporting in today’s financial markets means you, as a Chief Risk or Compliance Officer, are likely looking for ways to streamline and optimise your reporting workflows. In this blog post, we will explore five big enhancements to your regulatory reporting, which incidentally can be accomplished through the implementation of Decision Focus GRC software:
1. Streamline Data Collection, Storage and Reporting
Why not consolidate all your governance, risk & compliance data in a unified, centralised repository, with in-built data collection and reporting tools? Regulatory return submissions in the same place as risk assessment and action tracking – all in one place. By automating many of the data collection and reporting tasks that you may currently manage manually or in disparate systems, you can reduce the number of errors, streamline workflows and improves the accuracy of reported data. What’s not to like? Decision Focus GRC software can do all this for you.
2. Improve Your Data Quality
Financial institutions operate within a regulatory landscape which demands their data is accurate, complete, consistent across different systems and platforms, and readily accessible. Again, this reduces the likelihood of errors, improves the quality of data, enabling better-informed decision-making and ensuring that regulatory obligations are addressed more effectively. Turns out, Decision Focus is rich in powerful data governance and management tools, helping you to do exactly that!
3. Enhance Your Regulatory Compliance Culture
Controls and processes are only as effective as the organisation’s risk culture allows them to be – individuals need to take ownership of risk, compliance & regulatory obligations at every level of the business. Decision Focus GRC software provides a range of tools and features to underpin a strong regulatory compliance culture, including automated compliance monitoring and incident reporting. By embedding compliance into your GRC infrastructure, ethical behaviours can be promoted throughout the organisational culture, and a "speak up" culture championed through training and awareness programs.
4. Incorporate Sustainability into Your Reporting
By promoting transparency and accountability, you can ensure that your financial institution is meeting its obligations to regulators to be transparent on Environmental, Social & Governance (ESG) performance, and attract additional investment from the growing array of ethical funds and investors. Sustainability reporting will become increasingly important for financial institutions, as regulators and investors demand greater transparency. Decision Focus GRC software provides powerful tools specifically for sustainability reporting, enabling financial institutions to track and transparently report on their ESG performance.
5. Timely regulatory submissions
Avoid penalties and late submissions fees. Dashboard overviews showcase forthcoming submissions to the owners in the business. Compliance team can have easy oversight views highlighting areas to follow up on before deadlines are met. Our notification engine will notify relevant owners and central teams of forthcoming submissions. Regulatory fines and reputation damage with the regulator can be avoided.
These are just five ways in which you can step up your critical regulatory reporting through the implementation of Decision Focus GRC software.
Your next step?
Get in touch for your own personalised demo and see for yourself how leading global Financial Services organisations are putting their best foot forward in regulatory reporting with a code-free solution that can flex to fit your business challenges.