Citation:

Sanjeev Prakash,2021. "Role of Regulation Report in US Banks and How IT Will Help Accomplish It", ESP Journal of Engineering & Technology Advancements 1(1): 263-273.

Abstract:

The financial industry is one of the most important industries in the US, and it acts as a key driver of capital and credit formation. However, it has to be noted that banks enjoy a softened legal environment; that is, there are numerous rules and regulations at the national and international levels intended to provide a stiff structure of financial stability, consumer protection, and the avoidance of systemic risk. The requisite component is the preparation of regulatory reports, which are filed with authorities such as the Federal Reserve, OCC and FDIC. These reports highlight the strengths, weaknesses, opportunities, and threats that revolve around banking institutions' financial health and operations risk. Consequently, this paper examines the use of regulation reports in US-based banks with more emphasis on how IT systems can improve the reporting process. Since the jobs are becoming increasingly complicated, it is a big problem for the banks that they cannot collect and submit the reports within the timelines of accuracy. The author of this paper supports the argument that through the company's advanced IT systems, such as data analytics, automation, machine learning and so on, the company can meet its regulatory compliance requirements, enhance its report's accuracy, and experience decreased operational costs. Based on the analysis of the kinds of regulatory reports in the US banking environment, the paper explains how IT solutions can alleviate the problems of manual reporting and data processing. Based on case studies and the assessment of the existing regulatory measures on the material, the study animates the threats of modern technology to the regulatory measures, risks and effectiveness of operations. Also, the paper provides a comparative assessment of the cost benefits regarding the application of IT-facilitated solutions for regulatory reporting and identifies best practices for their utilization.

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Keywords:

Regulation Report, US Banks, Information Technology, Compliance, Automation, Data Analytics, Machine Learning.