Understandably, with regulatory changes still in an evolutionary state, businesses have been reticent to firm up their approach to meeting the requirements surrounding Pillar 3 - but momentum is key.
By taking on a greater appetite for change now, rather than focusing on compliance, businesses will be far better prepared for future years' reporting. Strategic investment in planning, gap analysis and design of reports now should pay dividends in the longer run.
We would encourage businesses to think not only about the context of the reports they will need to produce but how they are produced, as well: taking a pro-active approach to developing the processes by which their finance and actuarial functions are planning to produce information on an ongoing basis.
In this vein, by offering insights to the areas likely to come under closer scrutiny, KPMG can help clients improve their channels of communication with the regulator - an approach that can have clear benefits for stakeholders, creditors and investors in the longer term.