PwC’s Regulatory Reporting Insights was born from the idea that complex regulatory reporting could be made more insightful for financial services professionals. Was a manual Excel-based analysis really the best way to audit and advise our clients? In 2018, Jeroen and Martijn, product owners, embarked on an innovation journey to help internal PwC teams solve this problem.
Together they worked on building a solution which would provide insights and was fun to use. One year later Regulatory Reporting Insights was born and the feedback has been overwhelmingly positive. We spontaneously received requests from clients to have access to the solution after they saw it in action. So we decided to make it available to other parties and increase digital trust in regulatory reporting within financial services.
"The solution helped us to identify new data quality findings in our regulatory reporting which we and the regulator hadn't spotted yet"
Regulatory reporting is the way in which a wide range of risks you manage are disclosed to external stakeholders. This continuous process requires you to be flexible as it is subject to changes in regulation. The overload of data coupled with scarce resources and extensive manual work can lead to significant inefficiencies and concerns over your risk universe overview. This is why you need a helicopter view, transparency and clear insights into your figures and their data quality, to be able to comfortably sign off on regulatory reporting.
Providing your stakeholders with insights into financial and regulatory parameters and being able to benchmark that information with your peers is key for you. Collecting high data quality information to be able to operate in a fast paced environment drives your team’s performance. You are looking for a digital partner to help you increase transparency of key financial information in the company, and to ensure a consistent view on financial performance within and outside the organisation.
You need to be able to handle the huge data flow of regulatory reporting and keep abreast of emerging risks in the entities you supervise. To keep a level playing field you want to benchmark against similar entities. The current fast paced environment asks for a digital solution which is focused on your needs, where you can control the data quality of submitted regulatory returns, collect key insights quickly and explain your concerns visually to stakeholders.
PwC has developed this solution to build digital trust in the regulatory reporting value chain. It allows to add a layer of comfort on your data quality and to visualise the key information. This helps involved parties get insight into what they are producing and controlling which is valuable to small, medium sized and large financial institutions.