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Reinventing Regulatory Reporting with Intelligent Innovations

 

Indra Chourasia

Industry Advisor, CDO Strategic Initiative, BFSI, TCS

Prabhakaran Pitchandi

Global Head, CDO Strategic Initiative, BFSI, TCS

Technology-led innovation to transform regulatory reporting solutions

The complexities of existing disjointed regulatory data and technology infrastructure are a hindrance in achieving timely and accurate fulfillment of regulatory compliance, especially in areas of cross-border reporting challenges and obligations. Given the need for regulatory reporting transformation, banks have to build agile and resilient multi-jurisdictional regulatory reporting solutions using a robust data strategy, automation, and technology-led innovation. The key imperatives for banks in this aspect will be: 

  • Embrace AI-led regulatory inventory and data processes to help drive agility in the data-sharing model 

  • Ensure standardized, granular, and consistent data for multi-dimensional aggregation and focused analysis

  • Adopt straight-through processing (STP) of data

  • Implement timely report-fulfillment capabilities with a potential shift to on-demand reporting

  • Adopt flexible architecture to support different regulatory reporting approaches