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Regulatory reporting simplification


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Regulatory Technology (RegTech) solutions provide a more automated, cost-effective way of meeting compliance and regulatory reporting needs. The digitalization of regulatory processes allows controls and risk frameworks to be linked seamlessly, standardizing and improving consistency of processes.

Leveraging on Application Programming Interface (API), the solution simplifies and automates complex reporting processes, increasing efficiency, flexibility and agility in the data processing. The automation of manual operations eliminates the need for physical data input and the risk of human error. This minimizes the time for report generation in accordance to compliance and regulatory standards.

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Regulatory reporting simplification

  1. 1. Regulatory reporting simplification Case study Context: An India-based global life insurance company was seeking a solution for automating, simplifying and hastening its regulatory reporting process. In addition, the company was keen to leverage this reporting architecture to support other value-added customer services. Recommended configuration: • Connectivity to a variety of internal databases required to populate reporting templates • Implemented a rules-based workflow engine that streamlines the processes needed to comply with regulatory requirements • Automated of manual data extraction, transformation and loading processes to save resources and time • Modeled multi-sourced enterprise data to ensure alignment with reporting requirements • Implemented a Hive data lake to enable 360-degree view of the customer Client impact: • Achieved a 20% reduction in extract, transform and load resourcing • Cost-effective data storage capability for high-volume structured and unstructured data • Regularly refreshed up-to-date single customer view across multiple departments Contact us Challenges faced by banks Extended adoption period required from manual process migration Short extraction and aggregation period for regulatory submissions Requiring an agile yet robust solution that can adapt to ongoing regulatory changes Embedding of data transformations and business logic to meet reporting requirements Varun Mittal EY Global Emerging Markets FinTech Leader Leading interfaces and technology capabilities Data aggregation Data transformation across sources Process automation, virtualization and parallel processing User authentication and audit protocols Support for predictive analytics Support for transactional applications by leveraging APIs Data ingested from source systems directly Reports generation aligned to required formats Simplifying and automating reporting processes Flexibility in data sources and configurations Automates existing manual processes Simplified data management Solution handles all data volumes and performance requirements Data and calculations can be stored and reused Data traceable back to the source Utilizes web browser dashboards Supports required formats and electronic submissions Granular permissions for hundreds of users Website: Email: Sahil Gupta EY ASEAN FinTech Manager
  2. 2. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit © 2018 EYGM Limited. All Rights Reserved. EYG no. 011378-18Gbl ED None. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.