Rethinking Regulatory Reporting: Turning Compliance into a Competitive Advantage
For those who want to stay ahead of the competition, regulatory reporting is not only a compliance task, but also an opportunity to build capabilities effectively manage and benefit from complex requirements.
Financial institutions are faced with ever-evolving regulations, from the MiFID/MiFIR Review after EMIR Refit to addressing the differences between EU and UK regulations after Brexit. The switch to ISO 20022 XML data formats, expanding requirements for data exchange and the evolving technical possibilities – such as Software as a Service (SaaS), cloud solutions and fault-tolerant AI systems – are driving the need for action. These multi-layered requirements increase complexity and put many institutions under time pressure, leading to quick but unsustainable solutions. As a result, needs are often addressed selectively and fragmented, with multiple reporting solutions.
This generates additional operational burdens for the institutions, as the strategic weakness that builds up is often overlooked or ignored under the pressure to act. Furthermore, the dependencies of regulatory reporting on data management in the upstream IT systems and the dependence on professional/technical experts entail additional risks. Institutions that focus solely on closing compliance gaps, potentially relying on semi-manual workarounds, are embracing significant operational inefficiencies in addition to the risks.
However, this complexity also presents a unique opportunity: by modernizing regulatory reporting, financial institutions can also use regulatory compliance, which is often seen as a cost, as a means of building strategic advantage.
tecconTR: The key to seizing opportunities
As one of the leading consulting firms specializing in digital transformation, Be Shaping the Future offers regulatory compliance applications for financial institutions, in particular the regulatory reporting platform tecconTR. Be Shaping the Future combines deep industry expertise with innovative technology solutions to accurately solve even tough regulatory challenges while driving operational efficiency and strategic growth.
tecconTR has been used by banks and asset managers in the EU since 2013 as a regulatory reporting platform. It has been continuously enhanced both in terms of regulation and technology, integrating market developments and the implementation experiences of all its clients. In this way, tecconTR keeps pace with the constantly changing challenges and offers solutions that turn compliance into competitive advantages. tecconTR is designed to quickly adapt to changing regulations and specific customer requirements, and it can be easily integrated into the customer’s system landscapes.
tecconTR offers:
- A standardised platform: EMIR Refit (EU, UK), MiFID/MiFIR, SFTR and FMIA (FMIA) are provided on a modular basis. The common technical platform reduces complexity, operational risk and costs.
- Intelligent automation: As a straight-through processing tool, end-to-end reporting processes are fully automated, and intelligent validation and correction capabilities are provided for the data. The efficiency gains free up resources for other, value-adding initiatives.
- Adaptive architecture: The modular structure enables targeted and rapid adaptations to specific and short-term requirements of the customer, the regulatory and supervisory authorities or by the trade repositories. This ensures ongoing compliance and operational resilience.
- High integration capability: tecconTR is not only easy and intuitive to use but is also designed for seamless integration into existing IT system landscapes. The platform requires only low initial investment and demands minimal maintenance effort, thanks to optimized interfaces, high scalability, and high throughput performance
From compliance challenge to competitive advantage
With the right strategy and tools, regulatory reporting can be used as a lever for growth, efficiency and resilience instead of a costly obligation. tecconTR supports financial institutions to:
- Reduce costs by streamlining reporting processes and minimizing operational inefficiencies.
- Minimize risk with comprehensive automation, proactive compliance management, and accurate reporting.
- Gain strategic insights with data analytics that improve data quality and support informed decision-making.
5 Strategic Priorities for Modern Regulatory Reporting
Modernization can turn compliance into a competitive advantage. Here are five key priorities for modern regulatory reporting, and how Be Shaping the Future supports you in each of them with its tecconTR reporting platform:
1. Operational efficiency and compliance
Regulatory compliance is becoming increasingly complex as not only business, but also technical requirements around SaaS, Claud, and AI evolve. Controls increase, fragmented systems and manual process steps lead to inefficiencies, risks, and higher costs. tecconTR offers a holistic reporting platform for EMIR Refit (EU, UK), MiFID/MiFIR, SFTR and FMIA, thereby reducing interfaces and complexity and ensuring compliance with overarching EU regulations, such as the GDPR. This comprehensive approach minimizes risk, strengthens operational resilience and reduces operating costs.
2. Process automation
Manual steps in reporting processes are prone to errors, delays, and inefficiencies that adversely affect operational performance and compliance. tecconTR offers automated end-to-end reporting (Straight Through Processing) that reduces errors, increases speed and precision, and ensures on-time compliance with regulations. This allows financial institutions to shift resources from operations and control to strategic initiatives and focus more on growth.
3. Agility to respond to regulatory changes
The regulatory landscape is constantly changing. Financial institutions are often required to respond under time and resource pressure. Traditional systems often struggle to keep up under these conditions, which can lead to costly updates and workarounds. tecconTR ensures continuous compliance through consistent implementation of legal and technological changes and enables rapid adaptation to customer-specific requirements and changes.
4. Integration of old and new systems
Financial institutions have established mostly heterogeneous IT system landscapes, making it challenging to integrate modern solutions and overcome operational silos and inefficiencies. tecconTR acts as a bridge between these existing systems and new technologies, to enable institutions to improve performance, secure existing investments, and reduce foreclosures, while ensuring a seamless reporting process.
5. Speed up implementation
Rapid deployment is essential in today’s regulatory landscape, where late final decisions and frequent adjustments lead to tight timelines. Lengthy implementation cycles jeopardize compliance with budgets and regulations. Additionally, the increased resource requirements hinder institutions’ ability to innovate in their core competencies, such as bringing new products to market. With preconfigured regulatory notifications and optimized deployment, tecconTR shortens implementation times, accelerates ROI and ensures long-term success through fast, dedicated support and continuous updates.
Ready to turn compliance into a competitive advantage?
Transform regulatory challenges into strategic advantages with the tecconTR regulatory reporting platform. Download our eBook, “Future-Proof Regulatory Reporting for Financial Services: Embrace Transformation with Be Shaping the Future,” to learn how you can keep pace with regulatory change while driving strategic growth.
Be Shaping the Future is a leading consulting and IT services company specializing in innovative solutions for the financial industry. With extensive expertise in the areas of capital markets, payment transactions and digital banking, we are driving the development of future-oriented financial services.
With our teams in Austria (Vienna) and in Germany in Munich, Landshut, Eschborn and Magdeburg, we shape the future of our customers by bringing about sustainable and positive change. With over 20 years of experience in the financial industry and a deep understanding of the dynamics of capital markets, we are a reliable partner for the entire digital transformation cycle.
Be is part of the Engineering Group, which consists of over 70 companies with 14,000 employees in 21 countries and has been supporting the continuous development of companies and organizations for more than 40 years. Engineering offers services in the areas of architecture & development, cloud & infrastructure, outsourcing (e.g. SaaS, PaaS) & managed services.
