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Strategic implementation of the report data dictionary helps firms build transparency, consistency, and accuracy of the regulatory reports.
Regulatory reports are complex and require financial institutions to assess and consolidate large volumes of data, calculations, interpretations, etc., to fulfill regulator expectations. Firms contending with existing reporting requirements are further challenged with additional requirements as a result of the COVID-19 pandemic (e.g., emerging risk data collection). Consequently, financial institutions are evaluating their reporting process to establish a conformance framework. The report data dictionary can be a key driver of strategic change in this effort to demonstrate ongoing conformance with report instructions.
This brief will discuss:
- Conformance with instructions process and report data dictionary
- Key challenges financial institutions are facing in demonstrating conformance with instructions
- Benefits of the report data dictionary
- Sustainability of the report data dictionary
Download the full brief
The author would like to thank Alberto Rosello, Jenny Chan, Emily Zhou, Aditi Sodhi, Jonathan Gilbert, Bharath Bhagavan and Liam Cashel for their contributions to this brief.
Summary
The past decade has seen firms steadily enhance their reporting capabilities. This growth has been accompanied by a corresponding rise in the frequency of the regulatory examinations and feedback. The report data dictionary decomposes and documents key components of the reporting process, including requirements, interpretations, and data transformations, to demonstrate conformance with reporting requirements.
As firms plan their response to the regulatory uncertainties and increased risk the industry is facing in these unprecedented times, the report data dictionary can be a key driver of strategic change within financial organizations to build, strengthen and maintain its conformance framework.