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Overview
The Federal Reserve System relies on the timely and accurate filing of report data by domestic and foreign financial institutions. The data collected from these regulatory reports facilitates early identification of problems that can threaten the safety and soundness of reporting institutions and ensures timely implementation of legal corrective actions.. CFOs are required to attest to the accuracy of their reports for capital assessments and stress testing.
Regulatory reporting is a critical activity for financial institutions and requires a concerted effort from risk, finance, and IT. Many financial organizations have expressed frustration with the high level of redundancy, dependence on manual processes, and opacity of their regulatory reporting processes. We believe that automation and technology-enabled data management are critical elements of an agile, robust reporting function that will allow financial services companies to be more proactive as new requirements arise.
How PwC can help
Through PwC’s subject matter expertise, we help firms increase transparency around specific regulations and put custom data processes in place to respond to agencies’ demands and best prepare executives.
Our technology and strategy experts work with companies to define specific data requirements, identify data sources for individual line items, establish data quality frameworks, and implement automated solutions. Our subject matter experts facilitate agreement between disparate organizations and business lines and provide tools to manage the process and capture decisions in the appropriate systems of record. Our data experts assist in establishing and running the data quality framework required to manage ongoing regulatory reporting programs. Our implementation experts and vendor partners implement automated solutions to manage aggregation, attestation, edit checks, and electronic submission.
Ultimately, we reduce firms’ manual tasks, implement automated solutions, and work with vendors to develop complementary solutions to enhance reporting functionality.
Scope of services
- Strategy, governance and operating model
- Regulatory response and remediation
- Software implementation
- Automation, optimization and analytics
Strategy, governance and operating model
- Interpret new/existing regulation and reporting requirements
- Develop target state processes and technology with the roadmap to achieve benefits
- Employ a streamlined and repeatable transparent process to promote efficiencies
- Implement custom data governance platform
Regulatory response and remediation
- Perform gap analysis on existing functionality and processes
- Assist in responding to and remediating regulatory issues
- Enable streamlined transition during technology upgrades
- Maintain project timeliness and efficiency
- Define response approaches for upgrading to new software
Software implementation
- Develop regulatory reporting data requirements and mapping rules
- Test and install software implementations and upgrades
- Define, design and test report output, calculations and methodologies
Automation, optimization and analytics
- Design and develop visualization displays that deliver dimensional views of business data
- Enable real-time reporting and increased transparency for stakeholders
- Retain historical task data and assess period-over-period performance, reduce non-value add activities, and eliminate waste
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