Regulatory reports have become too complex to handle, forcing banks to search for alternative and sustainable cloud-based solutions that can reduce the cost of compliance.
While many financial institutions outsource their regulatory reporting requirements to third parties, banks are also having to contend with a gap between what service providers deliver and the remaining workload that still remains in house.
In order to combat this, banks must empower internal team members referred to as ‘power users’ - those who understand frameworks and can anticipate future changes - to ensure that the regulatory reporting requirements are met.
This report outlines four principles of how FIs can reduce the cost of compliance by overcoming the limitations of data warehouses and increasing capacity and agility.
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