Are you still busy with your guideline management or are you already working on your core business? Whether BCBS#239 for banks or IFRS17 for insurances, – new regulatory requirements are constantly added. Companies, who continue to hold on to their silo architectures, create, process and prepare the same information separately and provide this to the relevant departments, will need to clamber from one project to the next. This is not only costly and inefficient, it also ties up an unnecessary amount of core resources in the departments. Resources, which companies then lack in strategically important areas.
Instead of setting up additional Silo or ICS or SOX controls for each new regulatory reporting requirement, companies should now take this opportunity to set up their financial and risk architecture more sustainably and more flexible. Here, the focus should be on the harmonization of the intelligent integration of all relevant information in a central data household.