Financial Services Organizations Rethink Regulatory Reporting to Focus on Agility and Value From Data as Costs and Requirements Spiral

SINGAPORE and LAS VEGAS, NV--(Marketwired - Oct 13, 2015) - SIBOS and BAI Retail Delivery - Oracle (NYSE: ORCL)

The cost and resource burden of regulatory reporting has soared in recent years, and financial firms seek ways to meet deepening data requirements more efficiently and accurately while strategically evolving data architecture to improve performance and drive growth. To address these issues, financial services organizations are rethinking regulatory reporting and compliance as a holistic process and seeking end-to-end automation and governance -- from data capture and analysis to reporting including final mile submission to regulators.

"Some of the world's top banks leverage Oracle Financial Services Analytical Applications to simplify their reporting requirements. The U.S. Federal Reserve issued guidance that financial institutions should spend 80% of the time allocated for regulatory reporting on analytics/reviews and 20% on data compilation. We support our customers in meeting this guidance and reducing the hours it takes to compile the data, which has traditionally been a manual and error-prone process," said Sultan Khan, Group Vice President, Oracle Financial Services Analytical Applications.

"Financial services organizations face a regulatory reporting paradox. Reporting requirements have grown dramatically in terms of volume and complexity -- driving up costs and consuming significant resources on what remains a largely manual and siloed task," said Daniel Mayo, chief analyst, Financial Services Technology, Ovum. "At the same time, regulators are directing firms to spend less time on report compilation and more time on analysis. To succeed in this environment, financial services institutions must tackle regulatory compliance as a complete process and seek an integrated risk and finance data foundation to enable end-to-end automation from data input to data governance to analysis and through regulatory submission. Oracle Financial Services Regulatory Reporting Solution is purpose-built to tackle this imperative."

"With increased regulatory oversight, financial firms are aggregating significantly more risk and finance data for reporting and there is business value to be gained from this information beyond compliance to regulatory reporting requirement. The challenge for many is gaining enterprise-wide visibility and ensuring adequate time and resources to fully analyze and gain new insight from this data. A single and complete environment for automating data capture, governance, analysis and reporting is increasingly essential," added Khan.