RegTech research from Lombard Risk, conducted last month at its Regulatory Reporting Conference showed banks operating in the UK are looking to accelerate the use of automated regulatory reporting in the face of increasing compliance requirements and regulation, and to make better use of regulatory data for analytical purposes.
Among an audience of senior bank finance and risk staff, the survey found that more than half (58%) of those polled said their organisation is implementing or actively considering increasing further the level of automation used for regulatory reporting, with a further quarter planning to consider in the coming year. The poll also revealed that half of banks are planning for both an EU reporting and diverged UK reporting model, given uncertainty around Brexit outcomes – arguably explaining the urgency for greater levels of automation for regulatory reporting.
Furthermore, almost two-thirds (65%) of those questioned said their organisation wants to use technology to create a source of analytics from regulatory reporting data, but don’t at present, with a further 25% saying they partially do this, but want more.
While the research demonstrates that banks still have some way to go to achieve fully automated reporting it also highlights that this is high on their agendas, and that they are focused on streamlining reporting procedures and gaining analysis and insight from the use of technology.
The research took place on 27th September in London, polling over 50 UK banks, UK subsidiaries of foreign entities, and investment firms.