Regulatory Reports
Although submissions may only be completed infrequently, the complexity can create additional risks, as the judgement required and also the passage of time can lead to inconsistencies in the way that calculations are performed.
This can be avoided by linking directly to the source system data and carefully mapping the business rules once to enable the automation of the calculations.
The automation can then be relied upon to quickly and accurately deliver the outputs, whenever they are needed, without the need of human intervention.
Depending on the regulator, with the submission data in a prescribed format, the opportunity may then exist to upload the report electronically using XML. This would result in further time savings and also eliminate the risk that a manual submission is incorrectly entered on an online form.
