Financial Services Organizations Rethink Regulatory Reporting to Focus on Agility and Value From Data as Costs and Requirements Spiral - Seite 2

Responding to changing regulatory compliance and reporting requirements, Oracle today announced Oracle Financial Services Regulatory Reporting Solution, a first-to-market offering that automates reporting from data input through regulatory submission. It features Oracle Financial Services Data Foundation as well as a reporting portal that integrates Lombard Risk Regulatory Report templates for final-mile automation.

The new solution helps financial services organizations manage and execute regulatory reporting in a single integrated environment. It automates end-to-end processes from data capture through submission with industry-leading solutions, streamlining and reducing the day-to-day resource burden of an arduous, error prone, and manual process managed through myriad point solutions or spreadsheets. Oracle Financial Services Regulatory Reporting Solution frees firms to focus on analyzing and gaining new insight from their growing data stores while simplifying data preparation and reports with the sole objective of meeting regulatory submission deadlines.

Time to Look Deeper
A study by policy analyst firm Federal Financial Analytics found that, between 2007 and the end of 2013, regulatory costs rose by 102 percent for the six largest U.S. banks -- totaling $70.2 billion for those institutions alone.¹ In addition, even as the number, frequency, and complexity of regulatory requirements and reports continue to spiral upward, regulators are strongly encouraging firms to spend more time on analysis and review.

Oracle Financial Services Regulatory Reporting Solution is delivered through the following components to create the end-to-end environment and automation that financial firms seek to facilitate reporting and gain new business insight:

• Oracle Financial Services Data Foundation: A ready to go analytical data platform that supports a suite of analytical applications that address risk, compliance, performance, and customer insight. The data foundation, by design, is created to establish standardized data patterns for these use cases. It comes pre-built with data flows for regulatory reporting. Built using the Financial Services Analytical Applications Infrastructure, it provides tools for data and metadata management. Coupled with a robust reconciliation engine, the data foundation delivers a single source of truth for all reporting requirements.
• Reporter Portal: The Oracle Financial Services Regulatory Reporting Solution works with the Lombard Risk Regulatory Reporting solution and enables firms to automate the final mile of the regulatory reporting process. It provides a framework that works with the Oracle Financial Services Data Foundation results model and enables a complete submission workflow. The Reporter Portal supports pre-built report templates across multiple jurisdictions and regulators across the globe. Lombard Risk, one of the industry's leading regulatory reporting packages, eliminates the need for further data mapping, manual intervention, and eliminates the cost and effort financial institutions have to spend integrating multiple tools and applications.

Additional Information