What does ARM mean in BANKING

An Approved Reporting Mechanism is a system that is designed to facilitate the submission of required or voluntary reports and other necessary information as required by mandated regulations or laws.

A variety of organizations can utilize Approved Reporting Mechanisms including businesses, government agencies, non-profits, and individuals. These entities use ARM to comply with reporting regulations and requirements set forth by governing bodies.

Depending on the specific jurisdiction or purpose for which an entity is using ARM, different types of information may be submitted for review. Examples include financial records, legal documents, customer data, payment logs, safety inspection records, risk assessments, etc.

Organizations that use an approved reporting mechanism gain access to structured systems for submitting reports for review in a timely manner without having to waste resources on manual paper processes. Using an approved reporting system also ensures accuracy and consistency in reporting that would not otherwise be attainable with basic spreadsheet or log systems designed solely within an organization. Additionally, these systems provide valuable insight into what type of data is being collected across organizations which could help inform policy decisions in the future.

The frequency of required report submissions will depend on the applicable regulations within a jurisdiction or industry sector; generally speaking though they tend to vary from monthly to annually at minimum. Organizations should consult their local regulatory sources like government websites or industry publications to determine the exact timeframe in which they must submit their required reports via ARM.