Insights on reporting, market structure, and protections and controls
Explore here insights on Transparency and Reporting from the KPMG report Ten key regulatory challenges of 2023.
Financial service companies should expect continued expansion of reporting and disclosures – not only to regulators but to investors, clients/customers, and the market at large. The focus will be on the effectiveness of risk management processes (including data and measurement controls) in order to ensure transparency and consistency of the data within and across various means of corporate reporting and communications (e.g., financial reporting, voluntary reporting, public statements) as well as reporting timeliness and quality, issues escalation, and remediation actions.
Areas to watch for new and evolving regulations that will expand reporting and disclosure requirements include:
Regulators are heightening their focus on market structure, encompassing the role of fintechs (non-banks), M&A transactions, fair competition, and consumer/investor protections.
Anticipated changes to the consumer and investor markets include:
Consumer and investor protection efforts will remain a high focus for regulatory agencies. Clarity and consistency in all aspects of the customer journey will be key – with a focus on the data analytics and controls environment.
Examples of key regulatory areas of focus will include:
Compliance and reporting requirements constantly evolve—sometimes in dramatic ways. Staying ahead of the curve is expected by regulators, as well as by critical stakeholders: investors, customers, and employees. Maintaining stakeholder trust and meeting their expectations is central to the work we do. That’s why even when regulators don’t require a change, it’s imperative to always look for ways to raise the bar organically in our processes.
Chief Financial Officer, Oppenheimer
☑ Prioritize and embed fairness across the full customer journey
☑ Execute centralized processes; streamline and simplify all customer- focused communications
☑ Assess requirements of potential reg changes against skill sets, data sets, and controls framework; evaluate gaps and develop a remediation plan
☑ Ensure data quality and integrity controls between digital platforms and surveillance architecture at critical data handoff points
Ten Key Regulatory Challenges of 2023
Read our report for client perspectives, regulatory recaps, and actionable steps to help mitigate risk.Download PDF