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Sourcing and managing data consistently and transparently can help investment banks improve data quality, address internal and external reporting challenges, and efficiently meet regulatory demands.
As investment banks anticipate and plan for forthcoming regulatory requirements, they must take a hard look at each part of the business. There is broad consensus that the finance function must be better equipped to respond to regulatory requests, increase transparency and improve business performance. Priorities include data sourcing, process standardization, and reporting and analytics.
In this report, Accenture discusses the key challenges facing investment banks, and offers practical guidance to reduce risk in the financial reporting process.
Bespoke solutions to financial and regulatory requirements have left investment banks in a web of systems, processes and workarounds that are expensive and labor-intensive. Tactical fixes have created a number of challenges that impede information quality and speed of reporting.
Accenture analyzes the issues that investment banks are facing in financial reporting, and provides recommendations on how to manage the change going forward.
Accenture sees ten key challenges facing investment banks today:
In order to master data sourcing and management, banks must integrate people, processes and technology, driving standardization and data governance as an asset.
Accenture recommends that investment banks rationalize their finance and risk architectures by leveraging a shared data warehouse. This creates a single source of data, ensuring uniform reporting to stakeholders—and, in combination with a robust data management policy, enables investment banks to apply more advanced analytics.
The benefits of doing so include:
March 26, 2012
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