Regulatory reporting software helps businesses manage compliance tasks like data collection, analysis, validation, and report submission to regulatory authorities. This software automates manual processes, ensuring accurate and timely reporting while reducing costs.
Key Features:
- Templates and Forms: Pre-built templates for various reports
- Data Integration: Combines data from multiple sources
- Data Validation: Checks data accuracy and completeness
- Data Security: Protects sensitive information
- Audit Trail: Tracks changes for accountability
- Version Control: Manages document versions
- Real-Time Monitoring: Provides live updates and alerts
- Regulatory Updates: Stays current with new regulations
- Workflow Automation: Automates repetitive tasks
- Reporting: Generates detailed reports
- Customization: Tailors to specific business needs
- Scalability: Grows with the business
- Mobile Accessibility: Accesses software from mobile devices
Top Regulatory Reporting Software:
| Software | Key Highlights |
|---|---|
| Finastra | Automates data collection, enrichment, and checking for EMIR, MiFID, MAR, and SFTR reporting. Cloud-based and scalable. |
| Datasoft FxOffice | Supports FINTRAC and AUSTRAC reporting. Automates cross-border transactions and FX derivative trade reporting. |
| Jade ThirdEye | Automates AML reporting for Australia and New Zealand. Streamlines compliance processes. |
| Workiva | Unified cloud platform for SEC, statutory, and ESG reporting. Automates data aggregation, validation, and report generation. |
| Alessa | Automates up to 100% of reporting tasks for FinCEN, FINTRAC, and GoAML. Handles SARs, CTRs, and STRs. |
| OneSumX by Wolters Kluwer | Supports AnaCredit, HKMA GDR, Bank of Thailand RDT, and APRA ARS 220. Offers a central data layer and calculation engine. |
| CCH Tagetik | Pre-packaged solutions for FINREP, COREP, Asset Encumbrance, Funding Plan, and ALMM. Integrates with data sources. |
| Adenza | Offers data integration, web-based UI, inventory management, and workflow management for regulatory reporting. |
| SolarWinds Security Event Manager | Supports HIPAA, SOX, and PCI DSS compliance. Provides real-time event correlation and automated threat detection. |
| ManageEngine Log360 | Supports PCI DSS, HIPAA, FISMA, SOX, GDPR, and CCPA compliance. Offers over 700 predefined report templates. |
Regulatory reporting software offers advantages like improved accuracy, enhanced compliance, increased efficiency, better data governance, and cost savings. However, it also has potential drawbacks such as implementation challenges, high upfront costs, technology dependence, limited customization, and ongoing maintenance.
When choosing regulatory reporting software, evaluate your organization's specific needs, compliance requirements, automation features, data management capabilities, and scalability. Consider exploring trials and demos to test the software's features and functionality.
Related video from YouTube
1. Finastra
Finastra offers a cloud-based regulatory reporting software that helps manage transaction reporting for various regulations. It automates data collection, enrichment, and checking, making the reporting process easier.
Compliance Coverage
Finastra's software supports multiple regulations, including:
- EMIR
- MiFID
- MAR
- SFTR
Reporting Capabilities
Finastra's platform handles:
- Data sourcing
- Data validation
- Reporting status
This helps institutions report quickly and reduces manual work.
Automation and Workflow
The software automates reporting, reducing errors and freeing up resources. Its cloud-based setup is quick and scalable, suitable for all institution sizes.
Integration and Scalability
Finastra's software integrates easily with existing systems and grows with your business. The cloud platform ensures access to the latest technology and support, reducing risks and improving performance.
Pricing and Support
Finastra's pricing model saves costs with no upfront IT expenses. Their support team is available to help institutions maximize the software's benefits.
2. Datasoft FxOffice
Datasoft FxOffice is a corporate banking suite that helps financial institutions manage foreign exchange, customer relationships, payments, and more. It combines cross-border payments, forex dealing, risk management, AML compliance, treasury, and financial accounting in one platform.
Compliance Coverage
Datasoft FxOffice's AML Regulatory Reporting Engine supports multiple jurisdictions, including:
- FINTRAC
- AUSTRAC
Reporting Capabilities
Datasoft FxOffice offers:
- Automated EFT and LCT regulatory reporting
- Electronic submission to trade repositories
- Reporting suspicious transactions to regulators
- Workflow reports for EFTO/EFTI and LCTR
Automation and Workflow
The platform automates regulatory reports for cross-border EFTO and EFTI transactions and FX derivative trade reporting. Its integrated modules ensure smooth data collection and reporting, reducing manual work and errors.
Pricing and Support
Datasoft FxOffice's paid version starts at $2,500.00/month. The platform offers a quotation-based pricing model, and its support team is available to help institutions maximize the software's benefits.
3. Jade ThirdEye
Jade ThirdEye is a secure SaaS solution that automates transaction monitoring, customer screening, case management, and AML reporting to help organizations comply with confidence.
Compliance Coverage
Jade ThirdEye's regulatory reporting features are designed to help organizations comply with AML regulations in various jurisdictions, including Australia and New Zealand.
Reporting Capabilities
The platform offers automated reporting capabilities, including the submission of mandatory SMR, TTR, and IFTI reports to AUSTRAC in Australia and SAR and PTR reports to FIU in New Zealand.
Automation and Workflow
Jade ThirdEye's automated workflows and simple configuration options enable organizations to streamline their AML compliance processes, reducing manual work and errors.
Pricing and Support
Jade ThirdEye's paid version starts at A$2,000.00/month. The platform does not offer a free trial or a free version.
4. Workiva
Workiva provides cloud-based software for regulatory reporting, focusing on data collaboration, reporting, and compliance.
Compliance Coverage
Workiva's platform supports various regulatory requirements, including:
- SEC reporting
- Statutory reporting
- ESG reporting
Reporting Capabilities
Workiva offers:
- Automated reporting
- XBRL/iXBRL tagging
- Document management
Its unified reporting feature connects data, teammates, and applications in a single cloud environment.
Automation and Workflow
Workiva automates tasks like data aggregation, validation, and report generation. This helps financial professionals focus on analysis and decision-making.
Pricing and Support
Workiva's platform is available with pricing details upon request. Customer support is accessible through their website, LinkedIn, Facebook, and Twitter.
Workiva simplifies complex reporting and compliance processes, ensuring accuracy and control. Its features and automation make it a good choice for organizations looking to streamline their regulatory reporting.
5. Alessa
Alessa is a regulatory reporting software that automates up to 100% of reporting tasks, making compliance easier.
Compliance Coverage
Alessa supports various regulations, including:
- FinCEN
- FINTRAC
- GoAML
Reporting Capabilities
Alessa offers automated reporting, validation, and electronic submission of reports. It handles:
- SARs
- CTRs
- STRs
Automation and Workflow
Alessa automates manual reporting tasks, reducing time and errors. Its workflow management feature ensures timely and accurate submissions.
Pricing and Support
Alessa's pricing details are available upon request. Customer support is available through phone, email, and chat.
Alessa simplifies complex reporting processes, reducing the risk of non-compliance and penalties. Its automation and workflow features make it a good choice for organizations looking to streamline their regulatory reporting.
sbb-itb-d1a6c90
6. OneSumX by Wolters Kluwer
OneSumX by Wolters Kluwer is a regulatory reporting software that combines bank data under a common data model to ensure consistency and accuracy. It includes a service that monitors changing requirements in 30 countries.
Compliance Coverage
OneSumX supports various regulations, including:
- AnaCredit
- HKMA GDR
- Bank of Thailand RDT
- APRA ARS 220
Reporting Capabilities
OneSumX features:
- A central data layer with an enterprise-grade risk and finance data model
- A calculation engine for finance, risk, and reporting calculations
- A reporting layer with business analytics
- Stress testing and reverse stress testing components
Automation and Workflow
OneSumX automates manual reporting tasks, reducing time and errors. Its workflow management ensures timely and accurate submissions. The platform also offers a SaaS regulatory reporting solution with the same functionality as its on-premise product.
Integration and Scalability
OneSumX can process large volumes of data required by data-driven regulatory regimes. It also offers a multi-country regulatory reporting solution.
Pricing and Support
Pricing details are available upon request. Customer support is available through phone, email, and chat.
OneSumX by Wolters Kluwer is a trusted technology partner for banks and regulators, offering a regulatory reporting solution that meets the needs of financial institutions. Its integrated approach to finance, risk, and regulation supports compliance with various regulations.
7. CCH Tagetik
CCH Tagetik is a regulatory reporting tool that offers a pre-packaged solution for various compliance needs, such as FINREP, COREP, Asset Encumbrance, Funding Plan, and ALMM.
Compliance Coverage
CCH Tagetik covers several regulatory requirements, including:
- Lease Accounting (IFRS 16 & ASC 842)
- IFRS 17 Insurance
- iXBRL
- Solvency II
- FINREP & COREP
- Integrated Reporting
Reporting Capabilities
CCH Tagetik provides a single platform for all financial performance management processes. It integrates with all data sources and existing applications, offering:
- Fast compliance with pre-packaged solutions
- Easy mapping of data from multiple sources
- Reconciliation of FINREP and COREP data with IFRS reporting
Automation and Workflow
The software automates manual reporting tasks, reducing time and errors. It includes collaboration and control features like workflows and audit trails to ensure timely and accurate submissions.
Integration and Scalability
CCH Tagetik can handle large volumes of data required by data-driven regulatory regimes. It offers a unified platform for financial and operational planning, shortening the consolidation and closing process, and allowing users to analyze results, model, and compare different business scenarios.
Pricing and Support
- Pricing: Available upon request. Paid version starts at $50,000.00.
- Support: Available through phone, email, and chat. A free trial is also offered.
CCH Tagetik simplifies regulatory reporting, making it easier for organizations to comply with various regulations.
8. Adenza
Adenza is a tool for managing risk and financial regulatory reporting. It helps users track regulatory changes, view processes, and automate reports.
Reporting Capabilities
Adenza offers:
- Data integration
- Data dictionary support
- Web-based UI
- Inventory management
- Workflow management
It integrates with all data sources and existing applications.
Automation and Workflow
Adenza automates reporting tasks, reducing time and errors. It includes features like workflows and audit trails for accurate submissions.
Integration and Scalability
Adenza handles large data volumes needed for regulatory regimes. It provides a unified platform for financial and operational planning, helping users analyze results and compare scenarios.
Pricing and Support
- Pricing: Not publicly available.
- Support: Available through phone, email, and chat.
Adenza simplifies regulatory reporting, making compliance easier for large financial institutions.
9. SolarWinds Security Event Manager
SolarWinds Security Event Manager (SEM) is a log management and SIEM tool that helps organizations meet compliance requirements. It centralizes log collection, provides real-time event correlation, and automates threat detection and response.
Compliance Coverage
SolarWinds SEM supports various compliance standards, including:
- HIPAA
- SOX
- PCI DSS
It offers pre-built report templates and customizable dashboards to help meet these requirements.
Reporting Capabilities
SolarWinds SEM provides:
- Over 300 built-in report templates
- Customizable dashboards and reports
- Real-time event correlation and analysis
- Automated report generation and scheduling
Automation and Workflow
SolarWinds SEM automates threat detection and response, reducing the risk of security breaches. It also offers workflow management and incident response capabilities.
Integration and Scalability
SolarWinds SEM integrates with various systems and devices, including network devices, applications, and databases. It is designed to handle large volumes of log data and can scale to meet the needs of growing organizations.
Pricing and Support
| Feature | Details |
|---|---|
| Pricing | Starts at $4,665 to monitor 30 nodes |
| Support | Available through phone, email, and online resources |
10. ManageEngine Log360
ManageEngine Log360 is a log management and SIEM tool that helps organizations meet compliance requirements. It offers real-time log collection, analysis, and reporting to ensure security and regulatory compliance.
Compliance Coverage
ManageEngine Log360 supports various compliance standards, including:
- PCI DSS
- HIPAA
- FISMA
- SOX
- GDPR
- CCPA
It provides pre-built report templates and customizable dashboards to help meet these requirements.
Reporting Capabilities
ManageEngine Log360 offers:
- Over 700 predefined report templates
- Customizable dashboards and reports
- Real-time event correlation and analysis
- Automated report generation and scheduling
Integration and Scalability
ManageEngine Log360 integrates with various systems and devices, including network devices, applications, and databases. It is designed to handle large volumes of log data and can scale to meet the needs of growing organizations.
Pricing and Support
| Feature | Details |
|---|---|
| Pricing | Custom pricing based on the number of resources and network size |
| Support | Available through phone, email, and online resources |
ManageEngine Log360 offers advanced threat-hunting capabilities, file integrity monitoring, and customizable compliance reports, making it a good choice for businesses needing detailed log analysis and compliance auditing.
Advantages and Disadvantages
Regulatory reporting software offers many benefits, but it's important to weigh both the pros and cons.
Advantages
| Advantage | Description |
|---|---|
| Improved accuracy | Automated reporting reduces human error, ensuring accurate reports. |
| Enhanced compliance | Ensures reports meet regulatory standards, reducing the risk of penalties. |
| Increased efficiency | Saves time and effort, allowing teams to focus on other tasks. |
| Better data governance | Ensures consistent data quality and accuracy. |
| Cost savings | Reduces the need for manual labor, saving costs. |
Disadvantages
| Disadvantage | Description |
|---|---|
| Implementation challenges | Setting up the software can be complex and time-consuming. |
| High upfront costs | Can be expensive, especially for smaller institutions. |
| Dependence on technology | Relies on technology, which can have errors, downtime, and security issues. |
| Limited customization | May not meet the specific needs of every institution. |
| Ongoing maintenance | Requires regular updates to stay compliant with changing regulations. |
Final Thoughts
Choosing the right regulatory reporting software is important for financial institutions to stay compliant, cut costs, and work more efficiently. With many options available, it's key to assess your organization's specific needs and compliance requirements before deciding. Consider factors like automation, data management, and scalability to ensure the software fits your needs.
Here are some tips to help you make an informed decision:
- Evaluate Your Needs: Understand your organization's specific compliance requirements and operational needs.
- Check Automation Features: Look for software that automates data collection, validation, and report generation.
- Assess Data Management: Ensure the software offers strong data integration and security features.
- Consider Scalability: Choose software that can grow with your organization.
- Explore Trials and Demos: Use free trials or demos to test the software's features and functionality.
