In conversation with Samuel Welford-Smith, Regnology
Navigating the evolving landscape of regulatory reporting in the UK
Regulatory reporting in the UK is undergoing significant transformation, driven by evolving regulatory requirements, technological advancements, and an increasing focus on transparency and compliance. For financial institutions, keeping pace with these changes is not just a matter of compliance but a strategic necessity.
In this article, Samuel Welford-Smith, a seasoned regulatory reporting sales expert at Regnology, explores key trends in UK regulatory reporting and why firms partnering with Regnology are ahead of the curve.
"Post-Brexit, financial institutions operating across jurisdictions must manage complexities and ensure compliance with both UK-specific and international requirements."
Samuel Welford-Smith
Regulatory Reporting Sales Expert
Regnology
What are the key trends in UK regulatory reporting? How do you see the rise of real-time reporting?
Regulators are pushing for greater transparency, and real-time or near-real-time reporting is becoming a critical expectation. The UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are exploring mechanisms to enhance supervisory oversight through more frequent and granular data submissions. Firms must invest in technology that supports automated and accurate real-time reporting to stay ahead of regulatory expectations.
How has regulatory divergence post-Brexit impacted the industry?
Post-Brexit, the UK continues to refine its regulatory framework, sometimes aligning with EU directives but increasingly diverging in certain areas. Financial institutions operating across jurisdictions must manage these complexities and ensure compliance with both UK-specific and international requirements. This necessitates flexible and adaptable regulatory reporting solutions.
How are industry players reacting to these trends?
I would summarize this into three key areas:
Increased use of RegTech and automation
The rise of RegTech solutions is revolutionizing compliance and reporting. Advanced analytics, artificial intelligence (AI), and machine learning (ML) are being leveraged to enhance data accuracy, streamline workflows, and reduce manual intervention. Firms that integrate these technologies into their reporting frameworks gain a competitive edge by improving efficiency and mitigating risks associated with human errors.
Greater emphasis on data governance and quality
Regulatory bodies are focusing more on data quality, consistency, and governance. Firms must ensure that their data architecture supports accurate and auditable reporting. This involves strengthening internal data governance policies and leveraging advanced data validation tools to meet the stringent expectations of regulators.
Adoption of cloud & managed services
Regulatory change is constant, and keeping up with evolving requirements places a significant burden on financial institutions. Many firms are turning to regulatory reporting providers that offer managed services, allowing them to offload compliance complexities. By leveraging managed services, banks and financial institutions can ensure they remain compliant without the need for constant internal updates, freeing up resources to focus on core business activities.
Firms must ensure that their data architecture supports accurate
and auditable reporting.
Samuel Welford-Smith
Regulatory Reporting Sales Expert
Regnology
What are the cost implications of maintaining in-house regulatory reporting teams?
Maintaining an in-house regulatory reporting team is costly, requiring significant investment in headcount, training, and multiple technologies. A regulatory reporting provider offers a more cost-effective alternative, leveraging economies of scale, automation, and expertise to reduce total cost of ownership (TCO). By outsourcing, firms can achieve greater accuracy and efficiency at a lower cost compared to managing reporting manually.
Why should firms consider partnering with Regnology?
Given the increasing complexity of regulatory reporting, firms can no longer afford to rely on outdated, manual, or in-house solutions. Partnering with a leading regulatory reporting provider that is committed to the market has several advantages:
Expertise and regulatory insight: We have deep expertise in evolving regulations and maintain strong relationships with regulators, ensuring that firms remain compliant with the latest requirements.
Advanced technology and automation: Our clients benefit from cutting-edge technology that automates reporting processes, reducing errors and improving efficiency.
Scalability and flexibility: As regulations change, we ensure seamless adaptability, helping firms scale their reporting capabilities without major overhauls.
Enhanced data governance: Heavy investment into robust data validation and governance mechanisms, ensuring data integrity and auditability and MI capabilities.
Risk mitigation and compliance assurance: With stringent regulatory expectations, we are experienced in unburdening and supporting firms mitigate compliance risks and avoid costly penalties.
What is your final advice for firms navigating the evolving regulatory landscape?
Regulatory reporting in the UK is becoming more demanding, and firms must proactively adapt to these changes. Embracing RegTech, enhancing data governance, and ensuring real-time reporting capabilities are crucial.
However, the best way to stay ahead of regulatory complexities is to partner with a provider that is best-in-class at what they do - Reporting. By doing so, financial institutions can not only meet compliance requirements but also drive operational efficiency and strategic growth.
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