Financial services firms are better off with a strategic rather than a tactical approach when dealing with the relentless flow of global regulation, says Dean Bruyns, senior director of product management at Broadridge Financial Solutions.
Bruyns tackles this and other issues in an FTF News video interview.
“Without a strategic and coordinated approach, it’s nigh on impossible to control your exception management, your reconciliations,” Bruyns says.
For many years, Broadridge has been a champion of a strategic approach to regulatory reporting, which includes a harmonized data model and data integration layer, and a single user interface to monitor all regulation, he adds.
In particular, the single user interface can be used to oversee exception management, reconciliation statuses, and trade repository reports. A very coordinated platform can help mitigate the uncertainty, he says.
And the regulatory flow will not be slowing.
“So, if you think about what we’ve got coming up with Brexit — there’s fragmentation there, essentially because there’s going to be additional regulation,” Bruyns says. Regulation SBSR — the reporting and dissemination of security-based swap information is also on the horizon.
In the video chat, Bruyns provides quick insights on other areas such as:
- The effects of the COVID-19 pandemic on firms and their reporting strategies;
- What Broadridge is doing for securities financing transactions, now part of its trade and transaction reporting offerings;
- The impacts of the Securities Financing Transaction Regulation (SFTR) across the globe and on the buy side;
- And the push for a global Unique Transaction Identifier (UTI) for global markets.
Broadridge is the 2020 winner of the Best RegTech Solution honor, a key competitive category of the FTF News Technology Innovation Awards.
Here is a quick sampling of coverage of Broadridge via FTF News:
- Firms Should Fund Ops Despite Fee Woes: Q&A
- Broadridge Partnership Yields Corporate Bond Trading Platform
- Broadridge Applies AI & ML to Recs Burdens