RiskTech Forum

Wolters Kluwer: Survey Reveals Australian Banks And FSIs’ Readiness To Meet New Regulatory Reporting And Compliance Requirements

Posted: 1 November 2013  |  Source: Wolters Kluwer Financial Services


The findings of a research survey conducted by Wolters Kluwer Financial Services into the state of regulatory reporting and compliance of Financial Services Institutions (FSI) in Australia, shows that the Basel III liquidity ratios and data management are the leading causes for concern. The survey consisted of 100 key decision makers within Australian FSIs, and provides insight into their current positions as they face increasingly tight implementation schedules, as the likes of Basel III, OTC Trade Reporting and Standard Business Reporting requirements come into effect.

Among the Australian FSIs surveyed, the majority of survey participants - 68 percent specically - ranked Basel III Liquidity Ratios as their top internal priority. In contrast, only 31 percent of the banks ranked the OTC Derivative Reform as their top internal priority. About half or 52 percent of Australian banks surveyed put OTC Derivative Reform as their second internal priority. The adoption of new XBRL v2.1 Standard Business Reporting was most mentioned as third priority by 71 percent of the banks.

Meeting APRA Requirements for Basel III Liquidity Ratio Calculations and Reporting

When asked about their current position in meeting APRA requirements for Basel III Liquidity Ratio calculations and reporting, results showed that 26 percent of respondents are currently preparing to collect and consolidate information, whereas another 21 percent have the infrastructure to collect the required information, which they manually enter into reporting templates. 23 percent claim they have an in-house solution to generate the calculations and reporting required by APRA.

Meeting the ASIC Requirements for OTC Derivative Reporting into Trade Repositories

As to their position in meeting the ASIC requirements for OTC derivative reporting into Trade Repositories, more than a quarter or nearly 28 percent of the respondents are preparing internally to collect and consolidate their information. Moreover, roughly only a quarter or 24 percent currently have in-house solution that collects the required information. Another 19 percent claim they have the infrastructure to collect the required information which they then manually deliver to the Trade Repositories.

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