Benefits of moving risk reporting to the cloud
As regulatory reporting requirements across the financial industry have grown, so has the volume of documentation needed to satisfy them. Managing this process has fallen on teams who rely on traditional desktop applications, file shares, and email—which results in hours spent managing drafts and hunting for correct data.
There is a better way. Teams can eliminate this constant struggle by leveraging cloud technologies. The cloud has a lot to offer risk reporting teams—streamlining the process, reducing risk, and producing hard and soft cost savings.
By automating much of the process and improving controls, cloud-based solutions can replace manual processes wrought with inefficiencies and errors, with a process that uses a collaborative platform designed for regulatory reporting.
Cloud-based solutions enhance visibility and accountability throughout the entire reporting process. This helps teams produce and update documents faster and maintain transparency, with a complete history and audit trail throughout the process.
Hard cost savings
With a Software as a Service (SaaS) platform, firms always use the latest version of the software, avoiding IT costs including:
- Initial hardware and software development costs
- Continuous software upgrades and maintenance
- Ongoing technical support and user training
In addition, maximizing in-house compliance reporting talent presents another challenge to firms as they battle budget and geographically dispersed teams. Due to the tight reporting window and pressure of Dodd-Frank, companies often fly their entire team to one location, or hire consultants and temporary workers, to help with document management and to meet deadlines.
With a cloud-based solution, geographically dispersed teams can work together more effectively, reducing the cost and disruption of travel. Lowering the time compliance professionals spend on non-value added tasks makes meeting regulatory requirements with the talent you have today possible, even as oversight grows.
Soft cost savings
Gaining internal efficiencies and enhancing work-life balance are soft cost savings regulatory risk teams will benefit from. Enabling teams to work together in real time reduces the workload for overlapping risk, accounting, and finance teams.
Regulatory reporting teams are stretched thin at a time when compliance reporting talent is in high demand. Minimizing low-value activities, such as formatting and data validation, allows teams to evaluate content more rigorously, identifying gaps earlier and addressing them during review cycles. This agility means fewer nights and weekends at the office.
There are many more benefits to choosing the cloud. See how your team can benefit from cloud technology here.