Increasing requirements for external reporting
The involvement of regulators in the financial services business is increasing. More and more, banks and insurance companies have to be compliant with rules and regulations like Solvency II, Basel II and SOX. They have made huge investments in (the quality of) external reporting and this will continue, as regulators are still imposing higher requirements. Furthermore, this leads to additional (IT) costs for maintenance and support on the reports to stay compliant.
Previous assessments of reporting environments show key success factors for implementing cost-effective, trustworthy and maintainable reporting solutions. SIG has a history of assessing applications for financial reporting in different branches, including financial services.
The three key observations from these assessments are:
- Technical software quality is not considered a main concern when developing reporting environments
- Reporting environments are not developed under a software architecture
- Supporting technologies hardly provide any support for common software development practices to ensure good technical quality