Our team have provided services for many high profile firms over the years, and seen the implementation of regulatory reporting change approached in many different ways. We believe it is fair to say that there is no ‘right strategy’ in relation to how a firm decides to complete their regulatory reporting obligations. We’ve seen a mixture self reporting, alignment with strategic partner and outsourcing all adopted.
From experience, we believe the way in which a firm views the obligation of regulatory reporting to be a vital factor in determining the success of delivering change in this area.
No matter which of the 3 strategies a firm opts for, viewing the obligation at hand as an opportunity for the firm at the outset – and throughout the project – not only shapes the approach taken to deliver the reporting, but is also a critical contributor to the success of such a project.
Let’s be honest here: regulatory reporting is not a ‘sexy’ topic, nor one that many consider an area of change that they are keen to actively be involved in – and therefore we can sympathise with the not-uncommon view that “it’s a burden that we have to bear – so let’s do it as quick and as cheap as possible, and get back to what we actually want to do as a firm”.
However, it is this mentality that we believe leads to much of the frustration and negativity attributed to such project work.
But when looking a little deeper and changing the mind-set, the opportunities that present themselves are plentiful – such as sales and distribution opportunities for new business wins, and future cost savings.
Does your firm view Regulatory Reporting as a burden – or as an opportunity ?