Wolters Kluwer Advocates Integrated Finance, Risk & Reporting Approach, with a Central Data Warehouse, in New White Paper
Technological innovations are enabling institutions to merge their Finance, Risk and Regulatory Reporting (FRR) functions into a set of processes to help meet the twin demands of regulatory compliance and a competitive commercial landscape. That’s according to a new white paper (Integrating finance, risk and regulatory reporting through comprehensive data management) from Wolters Kluwer which illustrates how a dedicated FRR data warehouse that links risk, finance and other key functions to merge old systems with new ones, will provide banks with a competitive advantage by integrating finance, risk and regulatory reporting duties.
One of the most challenging data management burdens facing banks globally is rooted in duplication. The evolution of regulations has left banks with various bespoke databases across five core functions: credit, treasury, profitability analytics, financial reporting and regulatory reporting, with the same data appearing and processed in multiple places. This hodgepodge of bespoke databases simultaneously leads to both the duplication of data and processes, and the risk of inconsistencies.