 |
Regulatory
reporting is no longer an issue with STB-Reporter's superior technology,
functionality and user-friendliness setting it apart from its competitors.The
application is financial services regulatory compliance reporting
made simple - an outstanding purpose-built solution, which may be leveraged to
make better use of data for other management information, and anti-money laundering
and other compliance purposes. Read on!
Deposit takers, principal position takers and other firms must now plan for
the implementation of new capital standards reporting and the roll-out of the
Integrated Regulatory Reporting regime.
Building Societies must also
plan for these changes, and also for statistical reporting to the Bank of England.
STB-Reporter provides for all this. Download
"STB-Reporter New UK Regulatory Reporting
Requirements" for our review of how you will be affected and by when, and
what planning you should do now.
What is Integrated
Regulatory Reporting?
Integrated
Regulatory Reporting is the approach to regulatory reporting which was introduced
following the FSA's 2003/2004 Plan and Budget commitment to harmonise the existing
(pre-N2) multiplicity of inconsistent reporting requirements which aims to:
Improve the FSA's effectiveness in meeting its statutory objectives
-
align reporting
to the type of business a firm undertakes -
improve
support of regulatory processes – in particular the FSA's risk based approach
to supervising firms -
create dynamic reporting in the face of ever changing market place.
Leverage technology – mandatory electronic reporting -
timely, accurate & faster analysis
to aid decision making -
reduced costs & meeting challenges of extended scope. Make it easier for firms
to do business with the FSA -
aligning reporting to use more of the data firms use for their own purposes -
eliminate redundant data & minimise
ad hoc requests.
| |
STB-Reporter
massively reduces the amount of time spent compiling regulatory reports
and by completely automating the process, eliminates errors associated with unwieldy
paper or spreadsheet-based audit trails.
STB's
regulatory applications are produced using STBs generic tools software. This means
that there is no limit to the regulatory reporting that STB can and do
deliver for exacting clients in many locations, and in all cases STB has not written
a line of code. This approach ensures that your localised regulatory application
is as solid and reliable as all other STB installations. STB-Reporter
offers the highest level of functionality available today covering all areas of
regulatory reporting. In just a few clicks you can compute all of
the values for your regulatory reporting forms, and when they pop up on
screen, they helpfully appear just like the forms you use already. STB's
forms-handling technology is unmatched elsewhere in the industry: it makes
no difference what your local regulator's form looks like nor what the language
or character set is used. Also,
STB handles double-byte data and in fact all manner of data as a natural part
of our abstracted datasets. Return and cross-return validation is performed for
you, allowing you to adjust any mistakes. Full electronic outputs in appropriate
localised regulatory reporting formats are included so all figures
may be output electronically for direct dispatch. STB achieves this class delivery
as a direct result of our tools-based approach. Take a look at STB
Solutions for more details.
What is the Integrated Regulatory
Return?
The Integrated Regulatory Return is the way in which the
FSA deliver the integrated approach to regulatory reporting.
It is a
concept which includes the totality of regular reporting the FSA require from
a firm. Under the IRR, a firm will report to the FSA based on the regulated activities
it undertakes rather than on its legacy firm type.
A firm may be required
to submit different data items at different frequencies and with different reporting
periods throughout each accounting year depending on the time sensitivity of the
data. The Integrated Regulatory Return comprises data common to all firms, such
as the complaints return and financial data, as well as specialist information
on the regulated activities undertaken by a firm.
When they are implemented
the revised returns will be subject to mandatory electronic reporting (although
the FSA reserve the right to introduce MER prior to any changes to the data required).
The FSA have published a range of guides and information packs to help you
get ready for Integrated Regulatory Reporting (IRR).
http://www.fsa.gov.uk/pages/Doing/Regulated/Returns/IRR/packs/
[
back to top] financial services regulatory
compliance reporting made simple |
