Regulatory Reporting Manger Job Description

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Author: Richelle
Published: 17 Feb 2020

Regulatory Reporting, Regulatory Affairs Managers: A role in regulatory compliance, Risk drivers in regulatory reporting, Regulatory Expertise, A Point Person to Responsible for Compliance and more about regulatory reporting manger job. Get more data about regulatory reporting manger job for your career planning.

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Regulatory Reporting

Regulatory reporting is important for ensuring compliance in both the private and public sectors. It can come in many forms, but you would be hard pressed to find a role that wouldn't involve some form of regulatory reporting. The answer is you.

You will be answerable to anyone. It could be your line manager. It could be determining if you have the correct training to use your equipment and if you have a good end-of-year account.

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Regulatory Affairs Managers: A role in regulatory compliance

Regulatory Affairs Managers plan, direct, or coordinate production activities of an organization to ensure compliance with regulations. They provide responses to regulatory agencies about product information. Regulatory Affairs Managers are constantly monitoring emerging trends industry regulations to determine potential impacts on organizational processes.

They have current knowledge of the regulations. Regulatory Affairs Managers give responses to regulatory agencies regarding product information or issues. They may also maintain standard operating procedures.

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.

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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.

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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

The Role of Regulatory Specialists in Product Safety

Ensuring the safety of countless products that Americans use every day is an important role that the regulatory affairs industry plays. 25 cents of every dollar spent by Americans is spent on regulated products. Regulatory specialists are often used at various stages of the product development process to ensure compliance, from research and development through manufacturing, marketing, and final approval.

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FDA Recall Policy

The department will be tasked with keeping the product once it gets marketing authorization. Sometimes product safety issues don't surface until consumers use them. The FDA works with the regulatory affairs department to make sure that dangerous side effects are identified quickly and if necessary recalled from the market. If there are problems with a product's packaging or manufacturing, the department will issue a recall.

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.

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