How can Banks keep up with changes in Regulatory Reporting?
It’s a vicious cycle.
The economic crisis caused by the financial downturn led to regulators coming up with new reporting requirements and changes in regulatory reporting formats. Financial institutions as well as banks are now finding it harder to cope with the different regulations.
Why are banks struggling?
Reporting and collating a constant stream of data to regulators, in addition to providing a wide range of financial services to clients strains resources and causes snags in delivery.
What is the role of banking regulators?
Banking regulators play a key role in the progress and safety of the banking behemoth. In order to optimize banking systems, regulators require up to the speed information from banks at specific times. By doing so, they ensure its safety and profitability.
What is the need of the hour?
With the advent of new regulations especially Basel 1, 11 and 111, banks are now hard pressed to come up with effective systems which can meet these new challenges.
What is imperative is a scalable process which streamlines the ginormous amounts of data on time and produces accurate reports which can meet future demands of regulatory regulations as well.
It is time for banks to reboot their systems and come up with solutions that enable them to cope well with the new rules. Time is of the essence since most of the new regulations have strict deadlines.
Can Technology help?
The evolving regulatory environment means banks and financial institutions have to pull up their socks and tackle the task at hand. The only way to streamline data collection from a dizzying array of sources and modernized systems is to adopt innovative regulatory reporting tools.
What does Hexanika have to offer?
Hexanika has developed the revolutionary SmartRegTM which is an out of the box solution for banks in the new regulatory scenario because it simplifies regulatory reporting.
Our second product SmartJoinTM is based on the Hadoop framework and unifies data from multiple sources.
Hence, taking Hexanika on board for regulatory issues would enable banks to stay the course without a ripple.
For any queries, do contact us via our website https://hexanika.com/
Contributor: Maheen Usmani
Basel III Framework: http://www.bis.org/bcbs/basel3.htm