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Managed services offer cost-saving opportunities through innovative technology/data architectures and streamlined enhancements of a firm’s operating model.
Regulatory reporting departments today face challenges in adhering to a constantly changing regulatory agenda. This brief provides a view into key industry challenges (including a shift in the industry toward managed service arrangements), overviews of the solutions EY has developed to address the challenges, and the benefits across the three key functions: report production process automation, report testing as a service, and an interpretive function/technical advisory office.
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Summary
Regulatory reporting departments today face challenges in adhering to a constantly changing regulatory agenda, making sustainable technology investments, reducing or minimizing overall costs and retaining functional-specific talent.
While proprietary and tactical solutions have been the preferred method in the past, firms’ priorities around automation are increasingly becoming more apparent and firms are beginning to explore new options to transition to innovative solutions with increased transparency, better technology and enhanced processes (including engaging in managed services).