W e are pleased to present Ernst & Young LLP’s fifth regulatory reporting industry survey, the only survey of its kind in the market for 10 years running. We continue to see great interest in our survey and findings on regulatory reporting insights and trends. Survey respondents included a wide variety of US bank holding companies (BHCs) and foreign banking organizations (FBOs). The 2023 survey will help firms compare their regulatory reporting function and processes against those of other organizations and industry trends. The results of this year’s survey shed light on courses of action to consider in developing an agile, robust reporting function that proactively meets upcoming and long-term regulatory challenges.
Recent volatility in the banking industry has prompted increased regulatory scrutiny and assessment and placed a spotlight on governance — as evidenced by the release by the Federal Reserve Board (FRB) on April 28, 2023 of its postmortem review of the bank failures. As such, the banking industry should expect high levels of supervision and enforcement activity in upcoming years. In addition, the industry is seeing a significant increase in integration activity, which is providing opportunities for applicable firms to review their regulatory reporting interpretations, technology, issues and change management processes, and supporting infrastructure.