Regulatory Reporting Manger Job Description

Risk drivers in regulatory reporting

The last five years have shown that risk drivers are interrelated. The crisis began with credit events in the US and spread to other continents and industries. The supervisors adapted financial regulations to better capture the risks embedded within the balance sheets of institutions and to implement sound management practices.

The regulatory supervisors will collect more information from banks with the stress testing initiative. They will be able to adapt their requirements. New systems and processes that collect detailed information can help regulators quickly adapt to new requirements.

New templates can be released with short notice. The integration of redundant data from different sources is one of the most important aspects of the regulatory reporting frameworks evolution. In most cases the data sources are consolidated in the same data repository, so reconciliations within the same area can be performed without major challenges.

Even though it reduces the amount of manual work, it is difficult to make a decision about investing in a centralized regulatory reporting platform. The increased requirements of regulatory reports parallel the changes in management reporting. Management has to be able to quickly get information about the financial crisis.

One of the most important questions that management or internal reporting should answer is the total exposure of the group to one client, group of clients, country, industry sector and so on. The same techniques that foster optimal regulatory reporting can also be used to improve management reporting. The data from different sources is the basis of any good management reporting.

Regulatory Expertise

A degree in any field of science is good for entry-level jobs in regulatory affairs. The theoretical knowledge on legislations governing medical products and the understanding of the technicality involved in regulatory submission would be an added advantage if you were to become an RA specialist. Health product sector and how drugs are being developed are some of the things that are expected of RA professionals.

Keeping up with regulatory changes and their implications on the drug development and authorization process is a part of regulatory affairs. The project team meeting is where the professionals need to be able to convert complex information in a comprehensible manner. You should be prepared to write and review documents that are hundreds of pages long.

Prepare to support due diligence reviews, review of protocols, reports, and all types of regulatory documentation with regards to quality, safety, and efficacy. While most regulatory documents are structured in a way that is easy to read, it still requires a certain amount of linguistic skills to combine subject matter knowledge and information from a spectrum of regulatory guidelines in order to come up with a document that is in line with legal requirements. Speaking clearly and persuasively.

The professional can sometimes function as a representative for both internal and external parties. Being an effective communicator can be used to establish relationship with regulatory authorities, marketing department, manufacturing sites and other technical functions. Familiarity in another language is often considered an asset.

A Point Person to Responsible for Compliance

A regulatory requirement is a rule that a government entity imposes. Federal and state laws govern most organizations. Regulations govern how organizations manage their business and employees.

A regulatory compliance cost is the amount of money or other resources that an organization must spend to comply with the regulations. Many regulations require detailed record-keeping that requires time for employees and company resources. Any company with publicly traded stock must have a compliance officer.

Most of the companies have regulatory departments, while some banks and other large companies have hundreds of compliance staff. Smaller private companies may not have a single employee who is solely responsible for compliance. They may have a company lawyer.

Choosing an Advanced Degree in the Field of Regulation

The scope of a regulatory professional's work varies because the field of global regulatory affairs spans a diverse set of disciplines. Career paths and daily responsibilities may differ, but regulatory professionals have the same goal in common: to facilitate the commercialization of safe and effective products and services. Some regulatory affairs professionals manage clinical studies, while others design labels for food and drug related products.

Regulatory professionals are often involved in conversations about health and public policy. The director of Northeastern's Master of Science in the Regulatory Affairs of Food and Food Industries program says that regulatory work is more than a job. The job market is growing because of the regulatory affairs discipline, which plays an important role in global health, food safety, and medical innovation.

The field of regulatory will grow at an average rate of eight percent until the year 2026, according to the Bureau of Labor Statistics. The demand for additional and specialized regulatory expertise will increase as new and developing industries become increasingly regulated. 73 percent of regulatory professionals work in regulated industries, such as pharmaceuticals, medical devices, and food science.

A small number of people choose a consultative path to get employment at legal, research, or marketing firms. The rest are employed by a mix of organizations. Regulatory professionals can choose to work in any size organization.

Employers are willing to pay more for the right skill level as demand increases. The salaries of all regulatory professions have increased an average of 3.3 percent per year since 1995. The average yearly salary for regulatory professionals was $150,422 in 2016

Artificial Intelligence for Regulatory Reporting

The economy and wider markets are affected by regulatory requirements that ensure consumers are protected. The regulations reduce the chance that the Bank of England will have to bail out banks that are not playing by the rules. Regulatory reporting is a method of prevention, it flags any potential issues before they are felt.

The regulatory setup could be disrupted by technology. Artificial Intelligence can be used to conduct some regulatory reporting jobs. It is attractive for firms as it can save on salary costs and allow positions to be opened up where teams can gain a more extensive understanding of subject matter and allow them to partner with businesses on regulatory matters.