London/Frankfurt, June 11, 2018 – At an exclusive C-level event in London end of May, Chartis Research, the leading provider of research and analysis on the global market for risk technology, and management and technology consultancy BearingPoint published the results of joint research that examines how financial institutions (FIs) in Europe and the USA can allocate, control and ultimately reduce their cost of compliance for Risk Data Aggregation and Regulatory Reporting (RDAR) activities. According to the research report – “Counting and Cutting the Cost of Compliance” – FIs can assess and adjust five key technical ‘levers’ to modify their compliance costs: data centralization, the availability of Application Programming Interfaces (APIs), feed handler standards, the number and diversity of supported reports, and the use of utilities.
This new research is based on comprehensive interviews with and analysis of various FIs in Europe and the USA. It focuses on RDAR because RDAR accounts for the biggest proportion of FIs’ compliance costs: according to Chartis, the industry-wide cost of RDAR operations and technology is about $70 billion. The scope for savings in this area is enormous.
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