Control Risks In Regulatory Reporting – From Data Ingestion To Submission

A Best Practices Control Framework

Complexities abound no matter where an institution is situated in the global regulatory reporting landscape. These reporting complexities – be they financial, statistical, liquidity, capital and credit, tax, shareholding ownership, trade and transaction – are heightened by the pace of regulatory change incited by global economic and market disruptions. Regardless, it is always mission critical that financial institutions efficiently and safely manage the risk and regulatory datasets that emanate from many disparate sources. That diverse data must be:

  • Transparently processed in an orderly way from ingestion to submission
  • Mapped to each report and line, verified, aggregated, and signed off
  • Reconciled to the general ledger and other regulatory reports

 
Control risks lurk at every step of the process, from data ingestion to regulatory report submission. From its experience working closely with financial institutions worldwide over time, AxiomSL has identified key control risks that organizations must mitigate. These control risks are itemized by process type in the following diagram.

Top 28 Control Risks in Regulatory Reporting for financial institutions | AxiomSLIf organizations do not handle each of these risks appropriately, audit and regulatory consequences can severely impact their continued operations.

In this briefing, Control Risks In Regulatory Reporting – From Data Ingestion To Submission, AxiomSL explores the control risks that exist throughout the regulatory process flow and articulates specific best-practice mitigants that financial institutions can leverage via AxiomSL’s fully developed risk control framework on its ControllerView® data integrity and control platform. With AxiomSL’s proven technology and robust controls provides a roadmap by which organizations can future-proof their approach to risk and regulatory reporting, position themselves to weather crises, and respond nimbly to change.

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