Wolters Kluwer Financial Services' Survey Results Emphasize Increased Pressure on Treasury and Compliance Professionals to Adhere to New Rules
Banks in Australia are most concerned with Basel III liquidity ratios, data management and Over the Counter (OTC) Trade and Standard Business Reporting requirements, when it comes to managing regulatory reporting and compliance obligations. That's according to the results of a Wolters Kluwer Financial Services survey of 100 key decision makers in the banking and financial services industry in Australia, released today.
Among the institutions surveyed, the majority, or 68 percent, ranked Basel III liquidity ratios as their top compliance risk management priority following the increased focus given to effective liquidity risk management by regulators since the financial crisis in 2008. About half or 52 percent put OTC Derivative Reform as second. The adoption of the new XBRL v2.1 Standard Business Reporting rule was most mentioned as the third priority.
"Treasury and compliance functions within banks are under increasing pressure to adhere to new regulatory requirements," said Chris Puype, managing director, Asia-Pacific, at Wolters Kluwer Financial Services. "They need to act quickly and efficiently to streamline reporting processes and overcome operational challenges."
In fact, 61 percent of banks responding to the survey said inefficient data management is their biggest challenge when it comes to the regulatory reporting process. Their second biggest challenge, garnering 18 percent, is generating regulatory templates or transposing all data correctly into the regulatory reporting templates. Ranking third and fourth, representing 8 percent and 6 percent of responses respectively, are data submission in the required format to regulators and calculations needed as outputs in the regulatory reporting.
Click here for more information on the survey and to review more detailed results.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides more than 15,000 customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: Summix®, FRSGlobal, FinArch, ARC Logics®, TeamMate®, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS®, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2012) €3.6 billion ($4.6 billion) and approximately 19,000 employees worldwide.