Inefficiency in reporting costing institutions more than 700 days a year

Financial services firms and institutions are losing more than 700 days a year in productivity due to inefficient reporting and controls systems, according to a study from one consultancy.

Su53, which specialises in compliance services, claims that continued failings in the way banks monitor their own systems and report to auditors is costing huge amounts of time that could otherwise be spent more productively.

Martyn Procter, managing director at the group, says much of this comes from