Insights on regulatory reporting

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The global regulatory reform agenda continues to drive change in the finance function, as well as require finance and risk functions to jointly address increasing and overlapping requirements.

In the US, new and complex regulatory requirements, including the Comprehensive Capital Analysis and Review (CCAR) and Basel III, and key organizational legal-entity structure changes for FBOs (e.g., IHC) have broad implications for organizations and will require the implementation of significant enhancements across the operating model. Firms must consider current and planned initiatives to develop scalable and sustainable solutions to address evolving Federal Reserve financial reporting requirements.

Our regulatory reporting homepage offers thought leadership on how businesses can better meet their regulatory challenges and insights on how new regulatory changes will impact your business. We offer these insights through roundtables, our 2015 Federal Reserve Regulatory Reporting Survey and our Regulatory Reporting Brief, which offers periodic insights on upcoming regulatory changes and challenges.

The latest

November 2017: Regulatory Reporting Symposium
On November 15, 2017 we held EY’s 2nd annual Regulatory Reporting Symposium which included a discussion among peers across domestic and foreign banks with representatives from the regulatory reporting community, including senior professionals across regulatory reporting, internal audit, information technology, data governance and controllers. In addition, the Federal Reserve Bank of New York presented on the national Statistics examination program. We had a full day agenda including panels and breakout sessions throughout the day covering leading practices and sustainable solutions to address shared challenges across a variety of topics including data quality, robotics process automation, quality assurance, and three lines of defense.

November 2017: Looking to the future: Intermediate Holding Companies – Regulatory Reporting Day 2
On July 1, 2016 qualifying Foreign Banking Organizations (“FBOs”) established Intermediate Holding Companies (“IHCs”) and implemented tactical solutions ("Day 1”) in response to the Federal Reserve Board (“FRB”)’s Enhanced Prudential Standards (“EPS”). Now, with several quarters of reporting experience and subsequent FRB feedback, firms have begun to address organization-wide infrastructure, data, and process-related challenges through the implementation of strategic and sustainable solutions across their operating model (“Day 2”).

October 2017: CFO attestation: building a sustainable process
Regulators have continuously increased expectations for more robust and integrated end-to-end risk and regulatory control frameworks, with heightened focus on attestation. Additionally, the Federal Reserve Board (FRB) established an FR Y-14 attestation requirement for Large Institution Supervision Coordinating Committee (LISCC) firms, where the CFO must attest to each FR Y-14 Annual (“A”), Quarterly (“Q”) and Monthly (“M”) submission. This regulatory briefing highlights the challenges faced by firms in establishing their CFO attestation supporting capabilities, as well as the priorities for improving and sustaining these capabilities for future reporting. In addition, we highlight where technology and automation may be implemented or considered.

May 2017: Spotlight on regulatory reporting data quality: industry challenges and regulatory expectations
The 2008 financial crises brought into focus the importance of ongoing transparency and monitoring of financial systems infrastructure. While the standards for regulatory reporting have significantly evolved ever since the crises, over the last two years, regulators have placed even more reliance on data-driven supervision with increased granularity, complexity and frequency of regulatory reporting requirements.

FR 2085
New quarterly reporting for insurance organizations may be required in late 2017: the Consolidated Financial Statements for Insurance Nonbank Financial Companies (FR 2085). Get an overview of the FR 2085 report, its filing criteria and our perspective on the challenges reporting organizations may face.

Regulatory Reporting Symposium
On 17 November 2016, we held our inaugural annual Regulatory Reporting Symposium, a full-day event with over 120 people in attendance from 30+ financial institutions. The agenda included eight panel and breakout presentations, including one by the Federal Reserve Bank of New York. Industry panelists, vendor participants and our subject matter specialists offered comprehensive industry perspectives on critical topics across the ever-evolving regulatory reporting landscape.