Financial and Regulatory Reporting
Financial and regulatory reporting have always been important areas for financial services firms to demonstrate competence to regulators and maintain trust and confidence from other stakeholders, including their clients.
The burden of regulatory reporting has steadily increased as regulators require more robust and wide-ranging information from firms as markets evolve and services expand.
In addition to the timely preparation and audit of financial statements within the regulatory deadline, firms may also be subject to a variety of other regular reporting requirements:
- Prudential reporting:
- ICAAP and ILAAP for CRD firms
- IFPR and ICARA for FCA solo-regulated MiFID firms
- ORSA for insurers
- CMAR and CASS audit for CASS firms, safeguarding audit for payments firms
- CoRep, FinRep, PRA110 for dual regulated firms
- REP018 operational risk
- Pay UK reporting for BACS, Faster Payments, and SEPA direct members
- MLRO annual report
The complexity of regulatory reporting for some firms demands dedicated teams within finance, and close coordination between front office, risk, finance, and Senior Managers.
Meeting tight deadlines for detailed reports in multiple currencies can be a real challenge with limited resources, especially when overlapping the year end accounting and audit cycle. However, repeated reporting delays or errors can trigger regulatory scrutiny, so keeping on top of reporting timetables and remaining resilient to staff absences is critical.