Boosting investment & focus on Regulatory Reporting - Vermeg
Boosting investment & focus on Regulatory Reporting

Win-Win Investment in & Focus on Regulatory Reporting with VERMEG’s James Phillips Ep #1

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Hosted By Jawad Akhtar

Guests

James Phillips, VERMEG

Episode show notes

Welcome to FinTalk, the podcast at the forefront of FinTech & RegTech’s pressing topics, brought to you by VERMEG.

Kicking off the series with a focus on the regulatory sector, our host Jawad Akhtar is pleased to be joined by an expert with over 2 decades of experience in the industry – VERMEG’s own James Phillips.

James & Jawad take a look at the regulatory challenges in the coming year, particularly the transition from OSCA to BEEDS, issues raised in the latest Dear CEO letter, and overhauling longstanding, outdated processes around handling data.

This episode of The VERMEG podcast covers:
How regulatory reporting needs a similar level of scrutiny to that of financial reporting
Resolving data issues through health checks in preparation for regulators’ requirements
Using October’s ‘Dear CEO’ letter to focus efforts on key industry issues
Key areas we can expect to hear more on throughout this podcast series, particularly around ESG, hybrid workflows and cloud technologies.

Episode highlights

“This isn’t the first time that the PRA have drawn this kind of issue, where the issue is about the quality of the reporting. This context was more specifically reliability. So it was driving into the question of data quality, governance controls, and frankly, the level of investment that firms put into the whole process.” – 6:10 – James Phillips

“Panel members quoted that reg-reporting is seen as the lesser cousin of financial reporting, and that needs to change. For me, the key take from that is the investment side of it.” – 8:40 – Jawad Akhtar

“There could be long standing data issues that firms have learned to live with, they have work arounds that are actually perhaps no longer necessary. There may be an upgrade to the system that now enables the data to be captured better. There may be a better understanding of the definition that was used as an assumption before, that can now be codified.” – 11:50 – James Phillips

“You can always use that particular Dear CEO letter as a checklist. One can sit there on a project and go through each paragraph and say, ‘Are we dealing with this?’” – 15:05 – James Phillips

“Any Dear CEO letter that comes out, we take as seriously as climate. So it’s really important to us to know that we have all the tools at our disposal, and that was the presentation I made at our annual conference last November about showing what we have, and what we will have in the future.” – 21:30 – Jawad Akhtar

“Covid may be over but the hybrid working is here to stay. What does that mean in terms of how firms access their reporting workflow? It quite possibly means accessing partially on the train and partially in the office. This is all perfectly possible using the tools that VERMEG has, not necessarily that clients currently have yet, but we certainly have in the roadmap, and/or are currently available.” – 26:45 – James Phillips