To safeguard financial stability, the Hong Kong Monetary Authority (HKMA) constantly issues new reporting requirements and changes to existing returns to ensure that authorized institutions (AIs) are resilient to shocks and can recover their positions in response to crisis. To effectively address these requirements, AIs face the following challenges:
Through its GDR pilot, HKMA has signaled its intention to require more granular data reporting. To keep pace with HKMA’s advances, AIs must boost their data gathering capacity and be technically prepared to tackle anticipated regulatory changes.
AIs must utilize HKMA’s Submission Through Electronic Transmission (STET) platform for all reporting and automate their processes accordingly or risk error propensity and carry time and resource burdens of continuing to manually report into STET.