KEY CHALLENGES

Organisations risk building inefficient and overcomplicated business processes and architecture in a rush to comply with new, local requirements for transaction, regulatory and tax reporting.

KEY OBSERVATIONS

• For most European jurisdictions, the transition from current IFRS or IAS financial reporting standards will be straightforward, however there will be complexity in certain jurisdictions where local GAAP needs to be applied.
• Regulatory and transaction-based reporting will have to be adapted to meet local jurisdictional requirements and to enable the connectivity required to report.
• Changes to tax implications need to be factored into business decisions. Additionally, reporting and passthrough mechanisms need to be configured, especially on transactional taxes such as VAT and dividend withholding tax.
• The majority of banks have a number of reporting systems that have evolved over the past decade. It will be important to consider what is the end-state for reporting, and how Brexit can be used as an opportunity to move the architecture in the right direction, rather than end up making it worse in the ‘rush to comply’.

WHAT CAN CAPCO OFFER?

• Reporting gap analysis.
• Analyse your reporting impact and the resulting requirements in UK and EU jurisdictions.
• Reporting technology configuration.
• Assist with reporting system configuration (E2E SDLC) and technology migration.
• Provide your organisation with Data Governance, Data Quality, Data Lineage and ongoing Data Management assistance.

 

THE CAPCO ADVANTAGE

Capco has a proven track record in delivering regulatory reporting programmes across assets and jurisdictions (MiFID2, GDPR, CRS, FATCA, Dodd-Frank Act, EMIR, BCBS 239).

We bring industry-leading expertise that addresses the holistic regulatory impact for our clients. Capco combines expert knowledge of current and upcoming regulations within the Regulatory practice, specialising in innovative technology solutions for financial institutions.

All reporting challenges begin with the data required, and our industry-leading Data Practice can provide frameworks for assessing and designing Data Governance, Data Quality, Data Lineage, and ongoing Data Management.

We can also help clients to move beyond compliance to identify the business benefits from improved data quality, control and management.

 

View our previous Brexit challenge or return to our Brexit Challenge homepage.