ARTICLE · 21 MARCH 2014

Regulatory Reporting: Challenges For Markets And For Regulators

KPMG, South Africa

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The challenge for financial services firms is to find ways of handling the heavily increased reporting burdens effectively at acceptable cost.

South AfricaFinance and Banking

Johan Scheepers

The challenge for financial services firms is to find ways of handling the heavily increased reporting burdens effectively – ensuring compliance – and efficiently – at acceptable cost.

Key questions they need to ask include:

How should we monitor and interpret complex regulations?
How will our business be impacted?
How do we know if we are compliant with the reporting requirements?
How can we capture the reporting information to the aggregated or breakdown levels?

A systematic and comprehensive approach is essential to developing a sustainable compliance and risk management program.

Understanding

Effective governance is important to ensure awareness of the data reporting requirements across the board, and to monitor regulatory developments for changes and their impact. An efficient regulatory watch function with defined communication lines should be established to remain abreast with regulatory updates and to disseminate impact analysis across

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