Cost of Compliance: How To Unburden Financial Institutions 2022 | CGG Connect Global Group | 26 April 2022 | Webinar

Why Attend?
As financial sector professionals know only too well, banks are constantly striving to make sense of their ever-changing reporting requirements and make considerable efforts to gather high volumes of granular data.

This is highly time consuming, exhaustive work that is both arduous and costly, while the penalties for non-compliance are reputationally and financially expensive.

Over the past four years there has been a degree of progress across the entire area of financial reporting.

The Basel Committee on Banking Supervision´s (BCBS) latest report (April 2020) suggests that governance arrangements have been markedly improved, while there have also been improvements to banking data architecture and IT infrastructures following the introduction of data dictionaries and enterprise data quality metrics.

Nevertheless, the BCBS noted that several banks had still been assessed as ´materially non-compliant´, suggesting that there is still progress to be made in many areas of reporting.

One of the key issues, and particularly for smaller financial institutions, is the cost of compliance given the significant investments needed to meet reporting requirements.

As many in the financial industry are now pointing out reporting efficiency and cost reduction can best be achieved through greater automation, which permits banks to answer any supervisory questions early in the reporting process.

The European Banking Authority´s June 2021 report on RegTech in the financial sector notes that:

Financial institutions using RegTech solutions highlight enhanced risk management, better monitoring and sampling capabilities, and reduced human error as the main benefits of use of RegTech solutions.

Meanwhile the RegTech providers emphasise the ability to increase efficiency, quell the impact of ongoing regulatory change and improve effectiveness as key benefits associated with the use of their RegTech solutions.

We will look closely at the mutualisation of resources and providing cost effective regulatory reporting solutions across a wide range of customer requirements.

We will also set out how sharing of IT infrastructure and operational costs across many financial institutions through managed services and cloud products can achieve cost reductions of between 30 and 70%.

2022 Speakers

Nick Grist
Head of Regulatory Reporting, SMBC Europe

Bodo Windmöller
Senior Vice President Product Management | REGNOLOGY

2022 Partner

• Regnology