Key Insights
- An organization’s ability to reimagine its data and risk management strategies from a compliance function into a strategic business asset is key to future-proofing its regulatory reporting strategy.
- Innovative technologies, like generative AI-assisted workflows and automated data lineage, can enable regulatory reporting teams unlock large-scale efficiencies.
- Technology processes should be systems-based, but people-led, as the people designing these processes, which require cultural change and organization-wide alignment, are most influential in modernization efforts.
Financial institutions are entering a new era of regulatory complexity, one defined not by just the volume of change, but by its velocity and interconnectedness—and this demands a reimagination of regulatory reporting strategy.
At the 2025 PwC Regulatory Reporting Summit, hosted in partnership with Nasdaq, senior leaders from across the financial services ecosystem gathered to explore the future of regulatory reporting strategy and how leading banks are navigating the evolving landscape, discussing the latest trends, challenges and innovations.
Ed Probst, Head of Regulatory Technology at Nasdaq, moderated Perspectives on Regulatory Reporting Strategy, a discussion with panelists:
Vikram Ramani, Chief Information Officer, Synovus
Ben Mucha, Chief Accounting Officer, Western Alliance Bank
Jacky Tang, Chief Accounting Officer, Americas Division, Sumitomo Mitsui Banking Corporation
This panel discussion focused on how establishing a long-term vision and strategy for regulatory reporting can address the challenge of increasing complexity in banking. Cutting Through Complexity in the Financial System, a recent report by Nasdaq created in partnership with the Boston Consulting Group (BCG), highlighted that indicators of complexity for banks are up 2-3x in the past decade, with systems-related challenges topping the list.
Complexity Has Tripled in a Decade
According to Cutting Through Complexity in the Financial System—a joint
report by Nasdaq and Boston Consulting Group—complexity indicators for banks
have increased two to threefold over the past decade. Systems-related challenges
now top the list, underscoring the urgent need for infrastructure modernization
and integrated data strategies.
The message from the panel discussion was clear: organizations need to establish a long-term vision and strategy for regulatory reporting that can address the challenge of increasing complexity in banking—and that data, automation, AI and cloud-native modernization can help solve the greatest challenges constraining banks from growth.
This blog distills three key strategies from that discussion, offering a forward-looking view into how leading institutions are navigating complexity, building agility and unlocking long-term value through modernization.
1. Modernizing Regulatory Reporting by Investing in Technology
The regulatory reporting landscape is rapidly changing—while the volume, complexity and granularity of data grows exponentially. The key to success in future-proofing your regulatory reporting strategy lies in your organization’s ability to turn its data and risk management strategies from a compliance burden into a strategic asset for the business.
As regulatory scrutiny increases, many banks still rely on manual, legacy systems that create fragmented, siloed data environments. In an increasingly complex vendor landscape, firms are realizing that fragmented architectures and loosely integrated systems can’t meet the speed, transparency or jurisdictional precision needed in today’s demanding regulatory environment.
Regulators expect technology to appear at the top of your agenda, and that your C-suite be involved in data governance and regulatory reporting oversight. To meet rising expectations, regulatory reporting must shift from a reactive compliance function to a proactive business capability. This requires:
- Breaking down silos across systems and functions
- Embedding ownership of data quality and governance across the enterprise
- Elevating regulatory reporting to a board-level priority
In an increasingly complex vendor landscape, firms are realizing that fragmented architectures and loosely integrated systems can’t meet the speed, transparency or jurisdictional precision needed in today’s demanding regulatory environment.
Modern, cloud-native platforms enable this shift by automating workflows, reducing the need for manual intervention and democratizing access to high-quality data. The result: more agile, fast and precise reporting—and the ability to reallocate resources toward strategic initiatives. Reallocating time from manual, time-draining compliance tasks to high-value strategic activities can set you apart from the competition, enabling your organization to build resilience, scale and grow.
2. Building Agility Through Technological Innovation
In a 2024 Nasdaq client survey, 35% of firms saw the lack of business agility considering rapid changes to regulations as one of the largest risks to them. As the regulatory reporting landscape evolves, SaaS-based regulatory reporting technology can enable agile adherence to new regulations, supporting financial institutions in keeping up with the pace of change.
New advancements and innovations, such as generative AI-assisted workflows, automated data lineage and cloud-based technologies, present further opportunity for greater transformational impact to enhance agility. AI can also support anomaly detection and data tracing.
These innovations can help regulatory reporting teams unlock large-scale efficiencies, enabling resource optimization, streamlining workflows and seamless integration of diverse data sources—thereby enabling the ability to respond to regulatory developments with speed, precision and agility.
There's a steep learning curve to embracing emerging technology and overcoming reliance on manual, outdated workflows. Institutions navigating vendor-driven changes must also consider integration risks and shifting roadmaps. These challenges make it critical to invest in a united, scalable technology infrastructure that provides long-term continuity, flexibility and transparency. However, for banks to keep up with the accelerating pace of regulatory updates, it’s essential that you have a robust technological infrastructure, especially for smaller banks looking to scale and grow.
Financial institutions must enhance their agility by embracing technology to position themselves for growth—and this starts with empowering your talent to lead in modernization efforts.
3. Driving Cultural Change and Creating Organization-wide Alignment
Technology processes should be systems-based, but people-led. Organizations who leverage cloud-based, AI-enabled platforms can streamline workflows, drive efficiency and accelerate time-to-market—but only when these technologies are implemented thoughtfully and strategically. It’s the people designing these processes who are most influential in the success of your modernization efforts to navigate the increasing complexity in regulatory reporting.
Financial institutions need to:
Establish organization-wide alignment to embrace change and technology
Weave technology in horizontally across all levels of an organization
Empower your people to act as owners, embedding technology into day-to-day operations.
Technology processes should be systems-based, but people-led. Organizations who leverage cloud-based, AI-enabled platforms can streamline workflows, drive efficiency and accelerate time-to-market—but only when these technologies are implemented thoughtfully and strategically.
Furthermore, defining accountability across the organization on technology adoption and data governance is essential. For instance, while a Chief Data Officer may oversee the overall data strategy, it’s on-the-ground implementation that becomes a shared responsibility across all levels of regulatory reporting and leadership functions. Creating internal accountability among the people who input data into your systems and lead these processes is critical for success.
Modernizing your regulatory reporting program—not merely managing it—will allow you to unlock efficiencies and gain long-term value.
Preparing for the Next Era of Regulatory Reporting
As financial institutions confront rising complexity and look to solve systems-related challenges hindering growth, the organizations that reimagine—and unlock—the full strategic value that regulatory reporting can deliver will set themselves apart from the competition.
To shift from a compliance function to a strategic business asset, modernization starts with empowering your people and investing in technology that offers platform stability, a long-term vision and a proven track record.
How can financial institutions keep up with stringent reporting and data requirements?
To learn more about what banks need to do to navigate rapid regulatory change, download the best practices guide: “How Banks Can Manage Regulatory Velocity”
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