In the modern data-driven enterprise, the need for high-quality reporting for regulatory submissions, or internal decision-making is ever-increasing. Accurate, timely, and transparent reporting is the cornerstone of informed choices and effective communication. In this article, we explore the five pillars essential for delivering consistent, sustainable reporting: People, Process, Technology, Data and Governance.
1. People: The Human Element of High-Quality Reporting
Regardless of any technology considerations, people will always lie at the heart of high-quality reporting outcomes. Skilled professionals who understand the nuances of the data and the needs of the report audience are crucial. Organizations should invest in training, recruitment, and nurturing talent with a deep understanding of reporting requirements for a given reporting domain. In complex enterprises, producing high-quality reports lies not in the remit of a single person or a centralised team; it requires cross-team collaboration. For example, Subject Matter Experts from the business will be involved in the interpretation of requirements to ensure that the right data flows into the relevant reporting processes and that any business rules are fit for the intended purpose of the reports. A culture of data literacy, cross-team collaboration and effective communication skills should be cultivated across all stakeholders in the data and reporting value chain.
2. Process: Streamlining Efficiency and Accuracy
Effective reporting requires well-defined and documented processes that ensure accuracy and efficiency. Organizations should establish and document processes that align with reporting goals, with smart automation and relevant control checks to ensure consistency and early-warning indicators for quality assurance. Establishing streamlined reporting processes involves creating standardised workflows, automating routine tasks, embedding validations and analytics, and fostering clear communication and collaboration among teams. Ultimately, external and internal reporting processes should be repeatable, efficient and not be overly reliant on any specific person to consistently be of high quality.
3. Technology: The Backbone of Modern Reporting
Technology plays a pivotal role in high-quality reporting. Organisations that invest in modern reporting software and systems that support team collaboration, automated data collection, validation, and presentation will find that they can deliver high-quality outcomes in the most sustainable and cost-effective way. Advanced reporting tools can facilitate data visualization, real-time reporting, and tailored insights for different stakeholders. Leveraging technologies like analytics and AI can enhance the depth and accuracy of reports.
Enterprises should look to integrate modern purpose-built reporting applications that use best-in-class data integration and data management patterns supported by enterprise-grade security. Reporting solutions should line up with enterprise business initiatives such as the enterprise cloud strategy, the enterprise data strategy and the enterprise digital strategy. With the rise of micro-services applications and cloud-native big data technology, enterprises will find that traditional monolithic reporting vendors are struggling to meet the requirements of the modern enterprise.
4. Data: The Foundation of Informed Decision-Making
High-quality reporting hinges on high-quality data. Organisations must establish robust data management practices encompassing data governance, lineage, and quality control. Data should be accurate, consistent, and accessible when needed. Clearly defined roles and responsibilities across the data lifecycle; and consistent ways of measuring and managing data risk through formalised data management practices, will ensure that reports are based on reliable and comprehensive data.
With many stakeholders, including regulators, on a journey towards granular and comprehensive data collection, firms should be looking to uplift their controls environment on the granular data, supplementing the controls on aggregated reports.
5. Governance: Ensuring Trust and Accountability
The final pillar, governance, provides the framework and oversight for high-quality reporting. Organisations should implement governance structures that encompass policies, procedures, and accountability mechanisms across all aspects of the data and reporting lifecycle. This ensures that reporting aligns with organisational goals and meets the expectations of internal and external stakeholders. Transparency and accountability are vital components of effective governance.
Conclusion: Building High-Quality Reporting Excellence
In today's data-driven world, high-quality reporting is a strategic imperative. Whether it's for internal decision-making or external stakeholders, the five pillars of high-quality reporting—People, Process, Technology, Data, and Governance—provide a robust foundation. When these pillars work in harmony, reporting becomes a powerful tool for driving informed decisions, building trust with stakeholders, and achieving organisational goals.
Organisations that optimise each of these pillars will find themselves better equipped to navigate the complexities of reporting, adapt to changing business and regulatory landscapes, and harness the full potential of data-driven insights. High-quality reporting isn't just about compliance; it's about seizing opportunities and making data a valuable asset that powers business outcomes.
Reg360 is the world’s only regulatory reporting solution that is designed from the ground up for the age of big data and cloud computing. Reg360 is disrupting the regulatory reporting landscape with a solution that meets both the business and technology requirements of the modern data-driven enterprise.
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