PracticeAccounting FirmsDeloitte introduces regulatory compliance service

Deloitte introduces regulatory compliance service

Big Four firm launches Prisma, a service that delivers multiple reports for regulatory and investment requirements

Deloitte introduces regulatory compliance service

DELOITTE has announced the release of its new regulatory and investor reporting tool, helping banks, asset managers and insurance firms cope with high levels of regulation and complex tax guidelines.

Prisma looks to cut down the compliance burden for its clients by using one set of data to create multiple reports for regulatory and investor requirements.

The service comes almost a year before the introduction of regulation on packaged retail and insurance-based investment products (PRIIPs), a regulatory breakthrough that will also assist asset managers.

Head of investment management at Deloitte Mark Ward commented: “A recent paper from the World Economic Forum recognised the challenge of regulatory cost pressures on asset managers. It also noted that global regulation has meant significant resource has been used to ensure compliance processes are up to date and properly monitored at any given time.

“The implementation of new PRIIPs rules for distribution to retail clients will also capture insurance, pensions, structured products providers, as well as non-UCITS funds which will now need to produce Key Information Documents.”

Chris Farkas, co-head of UK investment management managed services, said: “Deloitte’s project team integrates the data, centralises it in a data repository, and manages the day-to day creation, production and dissemination of these reports.

“This reduces the risk of error, and enables the clients’ marketing, technology, legal, compliance and operational teams to focus on issues more central to the management of their firm and wider business objectives.”

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