Financial reporting provides information that reflects the accurate business activities and results of the enterprise. Regulatory reporting is operating or financial reports which meet regulators’ requirements. This may include information on risk management, capital allocation, stress tests, and accounting treatments or intent for certain assets, and it must be consistent with financial statements.
Both Financial and Regulatory reports must be materially accurate, and are based on data from business operations which will tend to change with evolving and new business priorities. Additionally, accounting and regulatory rules will also change and evolve, meaning your enterprise’s reporting approach must enable changes to your finance and regulatory reporting framework. The process must include information on financial controls, and it must be auditable and repeatable.
Effective regulatory response is critical, especially for companies in Financial Services, and Data Management Group can help you define and implement a responsive regulatory and financial reporting capability. The capability will include a current state assessment to align with existing financial systems and planned transformation to ensure that the organization has the needed data management structure.
A data management assessment identifies improvements to ensure the efficiency and repeatability of your financial and regulatory reporting function. The data management and data architecture assessment and associated gaps will identify improvements to management reporting, credit risk, financial reporting, and regulatory reporting capabilities.