Commonly used tools for Regulatory Reporting in Financial Institutions

In our last blog, we discussed various stages of new regulatory reporting. Regulatory reporting is vital to the supervisory process, and a core mechanism for identifying risk, ensuring compliance, and achieving our operational objectives.

Growing regulatory demand calls for a technological solution. Without it, compliance managers can spend unnecessary time focusing on the tactical difficulties of reporting and manually amending their reporting. However, with the right technology, you can spend just a few minutes a day and minimal effort, reviewing your reporting files and making sure they are submitted on time. 

With your new free time, you can focus on critical reporting issues in close to real-time, further increasing reporting accuracy and reducing risk.

There are multiple software vendors with solutions for regulatory reporting in various jurisdictions with a broad customer base. They have a regulatory reporting system that collects data from a variety of systems, cleanses it, and creates and populates regulatory reports. These tools provided by multiple software vendors may also perform the electronic delivery of this data.

Let's see the common regulatory compliance tools available:

AxiomSL ControllerView®  Platform

ControllerView® (CV) delivers data lineage, risk aggregation, workflow automation, validation, and audit functionality and supports disclosures 

The components of ControllerView provide a more powerful and flexible foundation for risk and regulatory data management and reporting. Now financial institutions can deploy on the cloud easily access their regulatory and risk data and execute reporting activities from the Web.

Solution Capabilities:

ControllerView® is a multipurpose platform where solutions are modules consisting of bundled data objects called projects, which are completely transparent, the logic is displayed and runs via workflow directly in front of the user. The tool is created in Java programming language. As an all-purpose platform, ControllerView® can be enhanced by any self-defined components.

OneSumX® for Finance, Risk and Regulatory Reporting

OneSumX® for Finance, Risk, and Regulatory Reporting is a best-in-class integrated regulatory compliance and reporting solution suite that establishes a single source of data for finance, risk, and regulatory reporting that is enriched with value-added content from our in-house experts.

Solution Capabilities:

The solution deliveres both on-cloud and on-premise, OneSumX® for Regulatory Reporting improves accuracy, timeliness, quality, and efficiency of financial firms' regulatory reporting processes. It covers all types of reporting, including:

1. Financial reporting (e.g. FINREP)
2. Prudential reporting (e.g. COREP, BCAR, FRY-14)
3. Transactional reporting (e.g. MiFID II)
4. Statistical reporting (e.g. Economic & Financial Statistics)
5. Granular reporting (e.g. AnaCredit or MAS 610)
6. Multi-dimensional reporting (e.g. Smart Cubes)

Moody’s Analytics Suite

Moody’s Analytics offers comprehensive, integrated regulatory reporting for Basel I, II, and III, as well as European Banking Authority (EBA), Comprehensive Capital Analysis and Review (CCAR), and Dodd-Frank Act Stress Tests (DFAST). 

The Regulatory Reporting Module supports reporting for more than 50 regulators.

Solution Capabilities:

Produce best-in-class regulatory reporting

Automation of the collection, processing, and submission of reports to regulators. The solution supports XBRL, XML, Microsoft Excel, and ASCII.

Moves quickly and easily from the consolidated level to the underlying data to understand your current position in depth. Captures and report on all changes to the data before, during, and after the reporting process. 

Audit changes made down to individual cells to maintain data quality. It delivers comprehensive and fully audited user access control, down to the cell, table, and company level. Supports comprehensive management visibility and control. The solution delivers predefined and customizable business reports.

Optimize your regulatory reporting

Integrates the Regulatory Reporting Module into your existing upstream architecture to deliver best-in-class regulatory reporting quickly and smoothly.

Manages your global regulatory reporting requirements by leveraging more than 3,000 built-in reporting templates covering more than 50 countries.

This solution gives you confidence by ensuring the right data is in the right place at the right time, to deliver accurate and timely reports to regulators.

Automate and streamline regulatory reporting

Regulatory reporting is a vital but complex process, requiring a flexible approach that balances the demands of regulators and key stakeholders against the needs of the business. The Regulatory Reporting Module seamlessly manages these objectives in one place and puts you in control of your reports to supervisors and key stakeholders.

IBM® OpenPages® GRC Platform

IBM® OpenPages® GRC Platform serves as the foundation for a company's enterprise risk management (ERM) efforts by unifying enterprise-wide risk and compliance initiatives into a single management system.

With solutions for Financial Controls Management, Operational Risk Management, IT Governance, Policy and Compliance Management, and Internal Audit, OpenPages GRC Platform provides a modular and integrated approach to governance, risk, and compliance.

Solution Capabilities:

Financial Controls Management (FCM) provides automated assessment, testing, and certification processes to standardize and manage Sarbanes-Oxley (SOX) compliance enterprise-wide.

Operational Risk Management (ORM) provides a fully integrated operational risk solution, including risk control self-assessments (RCSAs), key risk indicators, (KRIs), loss event data management, and advanced reporting and business intelligence with IBM Cognos® finance integrated risk management. Dashboard components are available to provide an enterprise-wide view of risk across the business and manage Basel II AMA compliance in the banking industry.

Policy and Compliance Management (PCM) provides an integrated solution for reducing the complexity of complying with numerous industrial, ethics, privacy, and government regulatory mandates.

IT Governance (ITG) provides a risk-based, policy-driven approach to managing risk and compliance initiatives for the IT organization.

Internal Audit Management (IAM) provides an integrated audit management solution to manage the full life cycle of internal audits.

So above mentioned tools help financial institutions in reporting Financial and Non-Financial Risk related data to internal as well as external stakeholders.

In the future, the entire regulatory reporting process will likely be automated end-to-end, from source system data to report mapping and business rule automation to report generation. 

Sources:

https://www.axiomsl.com/controllerview-data-management-data-analytics-platform

https://www.wolterskluwer.com/en/solutions/OneSumX-for-finance-risk-and-regulatory-reporting

https://www.moodysanalytics.com/solutions-overview/regulatory-accounting/regulatory-reporting

https://www.ibm.com/in-en/marketplace/governance-risk-and-compliance/details

About Amlgo Labs : Amlgo Labs is an advanced data analytics and decision sciences company based out in Gurgaon and Bangalore, India. We help our clients in different areas of data solutions includes design/development of end to end solutions (Cloud, Big Data, UI/UX, Data Engineering, Advanced Analytics and Data Sciences) with a focus on improving businesses and providing insights to make intelligent data-driven decisions across verticals. We have another vertical of business that we call - Financial Regulatory Reporting for (MAS, APRA, HKMA, EBA, FED, RBI etc) all major regulators in the world and our team is specialized in commonly used regulatory tools across the globe (AxiomSL Controller View, OneSumX Development, Moody’s Risk, IBM Open Pages etc).We build innovative concepts and then solutions to give an extra edge to the business outcomes and help to visualize and execute effective decision strategies. We are among top 10 Data Analytics Start-ups in India, 2019 and 2020.

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