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. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

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
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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
varun.mittal@sg.ey.com
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: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

2. EY | Assurance | Tax | Transactions | Advisory
About EY
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