A bank acquires two competitors and faces increased regulatory reporting requirements.
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During the latest economic downturn, Bank D-E-F acquired two mid-sized competitors. As a result of these acquisitions, Bank D-E-F now faces significantly more compliance mandates in the form of increased regulatory reporting requirements.
While Bank D-E-F does have experience with regulatory reporting, its current business structure is not prepared to handle the increased volume of compliance mandates. In addition, Bank D-E-F is unsure of the full scope of their reporting requirements and is concerned that they will face negative responses from regulators if their reports are insufficient. Bank D-E-F has hired Deloitte to help it understand their new regulatory reporting requirements and review their business processes in anticipation of the expanded reporting pipeline.