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Banks Regulatory Reporting Compliance - The Challenges and the Solution

 

Introduction

The economic stressed conditions which financial institutions have passed through, have led to increased scrutiny with stricter and more complex regulatory requirements. Regulators, besides shortening the time, have also doubled the information sought. With no compromise on data and reporting quality standards, these compliance requirements call for a cultural transformation with heavy implications for risk and finance data and technology.



Key Challenges in Regulatory Compliance


Currently most of the activities like data enrichment, lineage & reporting are handled manually and in silos, leading to an error prone and time consuming process. Other technical challenges are multiple jurisdiction regulatory requirements, huge complexity in data standardization in terms of managing the data granularity, data quality and consistency, completeness though reconciliations and adjustments and data validations. Siloes application results in inaccuracies of data aggregation and reporting and absence of integrated platform and advanced technologies worsens the situation.


Approaches to Remediation


For compliance, banks can either follow a focused approach or design an enterprise wide transformation strategy which would call for architecting data for all use cases. Some features that banks should look at when setting up an enterprise-wide framework include Integrated Platform to bring uniformity and consistency, scalable architecture, robust data quality framework to provide best in class quality checked data, strong controlled mechanism and automated flow to avoid errors of manual intervention


Infosys Approach to Regulatory Compliance with Oracle Financial Services Regulatory Reporting Solution

 

Infosys has designed most optimal and comprehensive data transformation approach to offer best in class reporting solution leveraging Oracle Financial Services Regulatory Reporting Solution.This industry-leading solution, in collaboration with Lombard Risk, provides a unified, consistent platform and a toolset with the capability to automate the data lifecycle management from sourcing to regulatory submission. The main components driving the enterprise-class architecture of the solution are


  • Highly optimized analytical infrastructure enabling enterprise class scalability
  • Comprehensive data model to maintain the centralized and unified version of the data
  • Data Integration Hub for faster sourcing activities
  • Data Governance Studio ensuring data integrity , compliance, data validation and workflow
  • Pre-built integration with Lombard Risk Reporting for automation of the final mile of reporting
  • Oracle Database running on Oracle Exadata for enhanced performance


Conclusion

Regulatory Reporting has moved to being a strategic-level initiative viewed as a value-based investment.To meet the various compliance requirements banks need to establish a highly scalable, sustainable, and integrated platform with strong capabilities in data management, transformation, control, and automation. Infosys approach leveraging Oracle Financial Services Regulatory Reporting Solution, with its in-built components, has the capabilities to help banks successfully transform their reporting functions.


Visit us at Oracle OpenWorld 2016 to know more about this solution.

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