Financial Services ERP Requirements: Complete Checklist (2026)
ERP requirements for financial services firms. Covers regulatory compliance, risk management, client engagement tracking, and 7 critical modules.
Financial Services ERP Requirements Overview
Financial services organisations — banks, insurance companies, asset managers, and fintech firms — need ERP systems with advanced financial controls, robust compliance capabilities, and strong audit trail functionality. Regulatory requirements from bodies such as the FCA, PRA, and MAS, as well as international counterparts including the SEC and FINRA, drive much of the ERP specification.
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Recommended ERP Modules for Financial Services
| Module | Why It Matters | Checklist |
|---|---|---|
| Finance | Advanced financial controls, multi-entity consolidation, and regulatory reporting | View → |
| Sales | Client relationship tracking, pipeline management, and advisory services | View → |
| HR & Payroll | Complex compensation structures, bonuses, and compliance training | View → |
| Projects | Client engagements, advisory projects, and internal initiatives | View → |
| Compliance & Risk | FCA, PRA, AML regulations, and enterprise risk management | View → |
| Customer Service | Client advisory support with compliance documentation | View → |
| Reporting & Analytics | Regulatory reporting, risk dashboards, and portfolio analytics | View → |
Key Financial Services ERP Requirements
Regulatory Compliance
- Anti-money laundering (AML) checks and reporting
- Know Your Customer (KYC) documentation management
- Regulatory filing and submission (FCA, PRA, HMRC)
- Segregation of duties enforcement
- Comprehensive audit trail for all transactions
- Data retention and archival per regulatory requirements
Financial Controls
- Multi-GAAP reporting (IFRS, FRS 102, and applicable local GAAP frameworks)
- Multi-entity and multi-currency consolidation
- Intercompany transaction management
- Transfer pricing documentation
- Fund accounting and NAV calculation (for asset managers)
- Hedge accounting support
Risk Management
- Enterprise risk register and assessment
- Operational risk tracking and mitigation
- Key risk indicator (KRI) monitoring and alerting
- Stress testing and scenario analysis support
- Third-party risk management
Client Engagement
- Client profitability analysis
- Engagement tracking across advisory and transactional services
- Fee calculation and billing (AUM-based, retainer, transaction)
- Client reporting and statement generation
- Conflict of interest checks
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Use our requirements wizard to define what you need from an ERP system — then compare vendors based on your criteria.
Frequently Asked Questions
Do financial services firms need industry-specific ERP?
Core ERP functions (finance, HR, procurement) can come from general-purpose platforms, but compliance, risk management, and client reporting often need specialisation. Many firms use general ERP (SAP, Oracle) combined with industry-specific solutions for trading, portfolio management, or regulatory reporting.
What compliance certifications matter for financial services ERP?
SOC 2 Type II, ISO 27001, and UK GDPR compliance are baseline. FCA-regulated firms should ensure the vendor supports FCA and PRA requirements and offers UK data residency options. Firms with US operations may also need to address SEC and FINRA obligations.
Related Resources
- ERP Requirements: Complete Guide — full 13-module checklist
- Compliance Requirements — detailed compliance checklist
- Finance Requirements — financial controls checklist
- ERP Requirements Wizard — build a custom requirements list
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