Ola Neergaard, Vice President Commercial at Corporater explains how the increased demands of regulatory reporting necessitate innovation to reduce risk, ensure traceability and automate manual reporting to ensure compliance.
This Finextra interview took place at SAP’s Financial Services Forum in London. For more information, check out events.sap.com/gb/sap-financial-services-forum-emea/en/home
Regulatory reporting has been a huge challenge , specially in financial services. The main issues faced in automating the reporting are inadequate understanding of source data stored in legacy transaction systems like core banking solutions, disparate source
data formats across multiple systems and adhoc reporting solutions developed to meet regulator deadlines. They can be tackled through intelligent data extraction frameworks leveraging the latest Business Intelligence technologies. It is also an opportunity
to use the data collected for regulatory reporting for analytics to support business growth.
© Finextra Research 2018