Revolutionizing Regulatory Reporting

The Solution:

Our approach focused on a meticulous strategy across various phases:

Data Infrastructure Assessment:

• Conducted a comprehensive analysis of the existing data infrastructure and systems.
• Identified critical data elements, established data lineage, and defined data dictionaries.

Data Quality Remediation:

• Collaborated with data teams to identify and remediate data quality issues.
• Ensured a robust foundation for accurate and reliable regulatory reporting.

Scope Definition and Requirements Gathering:

• Collaborated with finance teams to define the scope of report automation and the future state architecture.
• Drafted detailed Business Requirement Documents (BRDs) and Functional Requirement Documents to guide and document the implementation.

Automation Tool Selection:

• Selected Axiom SL as the automated regulatory reporting tool based on its suitability for this banks reporting needs.

Reverse Engineering and Strategic Design:

• Reverse engineered manual report work papers to draft automation logic.
• Focused on automating over 75 reports including Branch Reports, Call Reports, TIC Reports, Liquidity Reports, etc.  

Custom Functionalities:

• Drafted requirements for custom functionalities as requested by users and management.

Continuous Support and Enhancement:

• Implemented the automated reports in Axiom SL and provided ongoing support.
• Adapted to evolving requirements, enhancing and adding functionalities as needed.

User Training:

• Worked closely with finance teams to train all resources on the effective utilization of Axiom SL.
• Ensured seamless adoption and maximized the benefits of the automated reporting system.

The Methodology:

The project unfolded in a systematic manner:

Assessment and Planning:

• Detailed analysis of data infrastructure and systems.
• Collaborative planning with finance teams to define scope and requirements.

Implementation:

• Seamless integration of Axiom SL for automated reporting.

• Continuous refinement based on evolving requirements.

Support and Training:

• Ongoing support for users post-implementation.
• Comprehensive training to empower users in utilizing Axiom SL effectively.

The Results:

The collaborative efforts of our team resulted in significant achievements for:

Operational Efficiency:

• Eliminated manual reporting processes, reducing errors and improving efficiency.
• Streamlined data infrastructure and remediated data quality issues for reliable reporting.

Regulatory Compliance:

• Achieved consistent and accurate regulatory reporting, mitigating compliance risks.
• Ensured timely and precise submission of reports, aligning with regulatory requirements.

User Empowerment:

• Finance teams empowered with automated tools, leading to enhanced productivity.
• Custom functionalities addressed specific user needs, improving overall user satisfaction.

Adaptability and Scalability:

• Axiom SL provided an adaptable and scalable platform, accommodating changing regulatory landscapes.
• Continuous support and enhancement ensured the system evolved with evolving business needs.

Measurable Success:

Data Infrastructure:

• Improved data quality, reducing data errors by 70%.
• Streamlined data retrieval, enhancing operational speed by 80%.

Regulatory Reporting:

• Achieved 92% accuracy in regulatory reporting.
• Timely submission of reports, resulting in near zero compliance issues.

User Satisfaction:

• 85% increase in user satisfaction.
• 75% reduction in the time required for report generation.

Conclusion:

The successful execution of the three-year regulatory reporting automation project at this bank exemplifies our commitment to delivering transformative solutions. By combining expertise in data management, strategic planning, and hands-on collaboration with the client, we not only automated complex reporting processes but also empowered the finance teams with a dynamic tool for future regulatory challenges. This case study serves as a testament to our ability to navigate intricate projects, ensure regulatory compliance, and drive continuous innovation for sustained success.

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