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Enabling traceability and transparency with standards-based regulatory reporting

Enabling traceability and transparency with standards-based regulatory reporting. Dr. Said Tabet Senior Technologist and Industry Standards Strategist Office of the CTO, EMC Corporation. Agenda. EMC: a few words Regulatory reporting and the data issue

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Enabling traceability and transparency with standards-based regulatory reporting

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  1. Enabling traceability and transparency with standards-based regulatory reporting Dr. Said Tabet Senior Technologist and Industry Standards Strategist Office of the CTO, EMC Corporation

  2. Agenda • EMC: a few words • Regulatory reporting and the data issue • Struggling with Ownership/Stewardship and their silos • Regulatory reporting: • more than just a compliance exercise • Leveraging your reports for business performance and insights • Summary • Key insights from what we are seeing with our partners in the market

  3. EMC, VMware, RSA 60,000+ EMC Corporation is a global leader in enabling businesses and service providers to transform their operations and deliver IT-as-a-Service. Fundamental to this transformation is cloud computing. Through innovative products and services, EMC accelerates the journey to cloud computing, helping organisations to store, manage, protect, and analyze their most valuable asset, information, in a more agile, trusted, and cost-efficient way.

  4. Global Regulatory Reporting: Problem Statement • The Problem of multiple regulations and multiple jurisdictions is complex and increasing • Business and IT • Struggling with ownership/stewardship and their Silos • Data and XBRL’s Metadata Management • Quality, Consistency, Integration, Common data model • Efficiency and Timeliness of the collection process • Compliance and Risk Taxonomy Absorption • Consumption, rendering, and secure archiving needed • Vocabulary, definitions and cross-enterprise alignment

  5. Regulatory Reporting – the challenge SOURCE: OCEG Illustrated Series

  6. A transformational opportunity for stakeholders SOURCE: OCEG Illustrated Series SOURCE: OCEG Illustrated Series Current State • Fragmented silos • Mostly reactionary • Individual projects • Separate from mainstream processes and decision-making • Spreadsheets, spreadsheets, spreadsheets • Limited and fragmented use of technology Future State • Integrated management & performance • Proactive planning & execution • Integrated capability • Embedded within mainstream processes and decision-making • Coordinated transactions & shared data • Architected solutions

  7. What is going on in IT? 28%Invest 72% Maintain Source: Forrester Research, Inc., IT Budgets and Priorities 2013, 25 April, 2013

  8. The Business Drivers Increase Revenue Lower Operational Costs Reduce Risk

  9. (c) OCEG Illustrated Series Instead Of ‘Build Many - Report Many’ Regulation A Regulation B Standard C Discrete Risks, Regulations & Standards Discrete Requirements A1 A2 A3 B1 B2 B3 C1 C2 C3 Discrete Controls & Activities C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 Siloed Functions & Departments No Linkage Weak Linkage

  10. The Future is – ‘Build Once Report Many’ Regulation A Regulation B Standard C Discrete Risks, Regulations & Standards Common Requirements A1 A2 A3 B1 B2 B3 C1 C2 C3 AB1 C1 C2 Common Controls & Activities C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C1 C2 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C3 C4 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 C5 C6 Integrated Functions & Departments Strong Linkage Full Linkage (c) OCEG Illustrated Series

  11. Managing the prudential data supply chain National Service Agency Supervisor of supervisors Line of business National Service Agency Line of business Supervisor HQ Top Management Syndicate A need to ensure consistency? External Reporting / Prudential - National Internal Reporting - ERM Prudential – European Level Aggregated/summarized data Full set of data Further aggregated/ Summarized data

  12. What could this look like for you? REGULATORS Build once, report many; provenance of data is key XBRL Format, validate DATA DATA DATA DATA Disclosure Qualitative Quantitative Review, Approve, Archive MDM, ERM, eGRC Analyse data Submission and archiving capabilities Workflow Tools Analytical Models

  13. Convergence of key standards . . . Including: • XBRL Taxonomies and Extensions • Legal Entity Identifiers (LEIs) • Open Data Initiatives, Linked Data • GRC-XML, as an XBRL Taxonomy for GRC • Financial Industry Business Ontology (FIBO)

  14. Summary • Benefits of adopting XBRL • Regulatory reporting costs significantly lower for future periods • Data mapping for any given regulator effectively done • Enhanced accuracy and quality of data • Enhanced Transparency with: • Visibility • Easy to capture errors, violations & problems • Simplicity • Reduce regulatory burden/cost • Provenance/Traceability • Easy to drill down to the source(s) of data • Consistency • Trust your Regulatory Reports when you havea trusted supervision framework

  15. Thank You

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