Extensive use of manual practices a key
barrier to high quality data and efficient operational
processes
NEW
YORK, Dec. 3, 2024 /PRNewswire/ -- S&P
Global Market Intelligence today released the findings of its
annual Global Regulatory Reporting Survey, highlighting that the
most notable concern for the regulatory reporting market is the
impact of significant operational burdens and the continued use of
manual and ad hoc processes that result in increased effort and
less accurate data.
Conducted by S&P Global Market Intelligence Cappitech
(Cappitech), the annual Global Regulatory Reporting survey looks at
trade and transaction reporting trends and sentiment around key
challenges the industry is facing. Cappitech provides regulatory
reporting, best execution analysis and business intelligence
solutions that meet the fast-evolving needs of large and complex
financial and non-financial institutions.
The focus on operational processes and high data quality is an
important step in the market's evolution. In previous years, the
survey has shown that regulatory reporting decision-making was
mostly driven by the need to meet changing requirements, with less
attention paid to optimizing and improving operations and data
quality.
"2024 has been a particularly intense year for regulatory
reporting changes across reporting jurisdictions so the focus on
operational processes and ensuring effective implementation and
long-term accuracy is unsurprising. While there's still a heavy
reliance on manual and ad hoc processes, the growing willingness to
leverage sophisticated technologies and AI is a sign of further
maturity in this market," said Struan
Lloyd, Head of Cappitech at S&P Global Market
Intelligence.
Key highlights from the survey include:
- 40% of respondents are relying on manual processes to adapt to
new and changing regulations, with a significant knock-on impact on
resources and time.
- In the context of the most challenging tasks for regulatory
reporting – cited as resolving pairing and matching breaks, and
managing reconciliation processes – almost 40% of firms are
spending ten hours per week, or more, remediating data quality
issues.
- Two-thirds of respondents are now using, or planning to use,
third-party solutions. As a result, on-premise, privately-hosted
solutions are losing popularity, with just a third of the market
retaining these options.
- There is increased awareness of the value of regulatory
reporting for the industry as 70% of firms said they were
well-prepared for this year's changing regulations.
Conducted in summer 2024, the report is based on responses from
74 professionals across Europe,
Middle East, Africa, North America and Asia Pacific regions. The majority of survey
participants represent banks and/or asset managers, with 38%
working for other organization types such as brokers, corporates
and proprietary traders.
To request a copy of the full report, please click here or reach
out to press.mi@spglobal.com.
About S&P Global Market Intelligence
At S&P
Global Market Intelligence, we understand the importance of
accurate, deep and insightful information. Our team of experts
delivers unrivaled insights and leading data and technology
solutions, partnering with customers to expand their perspective,
operate with confidence, and make decisions with conviction.
S&P Global Market Intelligence is a division of S&P
Global (NYSE: SPGI). S&P Global is the world's foremost
provider of credit ratings, benchmarks, analytics and workflow
solutions in the global capital, commodity and automotive markets.
With every one of our offerings, we help many of the world's
leading organizations navigate the economic landscape so they can
plan for tomorrow, today. For more information, visit
www.spglobal.com/marketintelligence.
Media Contact
Amanda
Oey
S&P Global Market Intelligence
+1 212 438-1904
amanda.oey@spglobal.com or press.mi@spglobal.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/data-quality-driving-regulatory-reporting-decision-making-according-to-sp-global-market-intelligence-cappitech-survey-302320894.html
SOURCE S&P Global Market Intelligence