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Blog

The difficult child of regulatory reporting

Author: Louis De Meester, Senior Manager, Avantage Reply

FOCUS ON: Blog, Finance,

In this period of annual closing and maximum effort for all reporting teams, you will probably agree that there is one that is particularly daunting. Consider these:

  • It is one of the latest to be produced;
  • It is both an annual and recent one, so you are less accustomed to produce it;
  • It requires a different skillset as most other reports;
  • It requires input from various departments, generating dependencies;
  • It should be reconciled with almost any other report produced by the institution; and
  • it requires its own internal validation instances.

I am of course talking about the Pillar 3 disclosures.

So a few thoughts on how to avoid the feeling that Pillar 3 is going to be the final nail in the coffin of your closing period:

  • Anticipate and have it scheduled;
  • Name a responsible who will act as single point of contact, a lot of the coordination can be done in advance and validation should be secured beforehand;
  • Do not reinvent the wheel, and use last year’s report as a basis;
  • Consider how you will integrate late adjustments, and post-closing corrections in your Pillar 3; and
  • Do not forget to look at the figures and make sense out of it – which is the true joy of reporting.

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