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- Regulatory Reporting
- Who it's for
- Central Reporting Teams
Central Reporting Teams
A central reporting team may prepare packages for several organizations. Each organization has a code, currency and time zone, while each return identifies its own organization, authority and period. The package also links to an assessment, so a reviewer can examine the control work behind the reported period before deciding on the submitted revision.
How Regulatory Reporting is set up for you
Entity clarity
Compare the return organization with the parent assessment's organization before submission.
Period clarity
Check the return period against the assessment start and end dates.
Decision clarity
Keep the submitted revision, approval state, decision date and receipt together.
A central reporting team may prepare packages for several organizations. Each organization has a code, currency and time zone, while each return identifies its own organization, authority and period. The package also links to an assessment, so a reviewer can examine the control work behind the reported period before deciding on the submitted revision.
Begin with one organization and one reporting period. Complete an assessment with its test results and any finding retests. The Reporting Analyst then prepares a return package with the authority, period end, reported amount in US dollars and submission receipt. The Control Owner submits it. An Independent Assurance Reviewer checks the package and parent assessment, then records approval or rejection. The team can examine the operation receipt before marking the return complete.
Agree where the amount is calculated and where filing takes place. The return record gives the team a place to keep its reviewed figure and receipt reference. If a separate system supplies them, establish a controlled handoff so the value and reference can be reconciled to the submitted package. Do the same for a rejected package: correct it, have the Control Owner submit the new revision and retain the reason for the earlier decision.
Use the Regulatory return status board to see packages moving through preparation and review. Use Failed operations to investigate receipts that need reconciliation. These working screens help the central team see which period has a decision and which case still needs attention.
Features to start with
Roles on the team
- Admin
- Owns organization setup and access to the reporting workspace.
- Control Owner
- Defines assessment scope, owns controls and submits return packages.
- Independent Assurance Reviewer
- Makes assessment and return decisions and records independent retests.
- Reporting Analyst
- Prepares the return package and checks its source assessment and receipt.
Set up Regulatory Reporting your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.