SINGAPORE--(BUSINESS WIRE)--Singapore’s banks cite their ability to successfully implement the Monetary Authority of Singapore (MAS) Notice 610 as their main concern for next year. More than half of the banks surveyed identify the regulatory change as their top single concern for the year ahead according to a new survey by Wolters Kluwer’s Finance, Risk & Reporting business. The survey asked more than 50 compliance, risk, finance and IT professionals at more than 25 banks in Singapore for their views on key challenges they face.
The scope of new proposals in the Monetary Authority of Singapore’s overhaul of the MAS 610 reporting regime for banks has taken many in the sector by surprise. The core set of returns that banks file to the Monetary Authority of Singapore are being revised to require information at a far more granular level beginning next year. In fact, the number of data elements that firms have to report will rise from about 4,000 to approximately 300,000.
With this in mind more than a quarter (27%) of those surveyed pointed to having concerns around data analysis, gap identification and mapping, and data quality and remediation to meet the MAS 610 requirements, and seventeen percent (17%) stated their top concern for the next year was simply keeping up with the pace of regulatory change.
When asked what operating models they were considering for implementing new MAS 610 requirements, 82% of respondents said their preferred operating method was still traditional on-premise deployment.
The highest scoring consideration for choosing a technology solution was its data management capabilities, mirroring the 27% of respondents who ranked data analysis and quality their top concern for the next year. Unsurprisingly, price was the second highest scoring consideration. Content and reporting logic was the third highest scoring consideration. These responses are especially interesting in light of the concern for simply keeping up with the pace of change, a challenge where content and reporting logic can undoubtedly help.
“As this survey shows, regulatory reporting evidently boils down to two key challenges. Firstly, banks need to consider data management: obtaining the correct data in the required state for onward reporting,” said Wouter Delbaere, Director of Regulatory Reporting, APAC, for Wolters Kluwer’s Finance, Risk & Reporting business. “Subject matter expertise is the second concern: a deep understanding of MAS reporting requirements is vital. As banks are looking to leverage innovative operating models such as managed services, it is absolutely critical to not lose sight of these two key inherent regulatory reporting challenges.”
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.