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Today Regulatory Compliance and Data Governance
must be viewed as a business imperative.
Data is a strategic asset, and regulatory compliance is an innovation enabler. More than ever
before, BFSI entities realise that effective regulatory compliance and reporting is a
competitive differentiator.
What are the crucial themes for 2023’s
Regulatory Compliance Narrative?
Climate Risk Management
and ESG Priorities
Community Reinvestment Act
(CRA) Regulatory Modernization
Compliance and
Consumer protection
Heightened focus on
Financial Crime Management
and AML act
Cryptocurrency
Impact of the
Ukraine-Russia conflict
Cybersecurity
Regulatory Compliance Landscape
in the EU
ESG: Embed in all EBA’s products and activities
Five Vertical Priorities (VP) in the EU
have been further prioritized
HP1 2023-ESG: Execution of the ESG roadmap
Other Key Changes in the
EU’s Regulatory Compliance Landscape
Implementation of restrictions on Russia following the attack on Ukraine
Systemic risk buffer by the National bank of Belgium
Supervisory review and evaluation process (SREP) and categorization of institutions
EBA Reporting Framework and Validation Rule changes and securitization
Additional liquidity monitoring metrics
Extended Warning Validations and Error Validations
Financial Crime Management - Drivers, Coverage, Benefits, Major areas, Obliged Entities, Financial Supervisors, New Rule Book, Customer Due Diligence, PEP, Beneficial Ownership
Crypto currencies and BCBS proposed changes, including MiCA (markets in Crypto Assets)
ESG and DORA
Regulatory Compliance Landscape
in the US
Changes in the Regulatory Reporting across trading in US treasury and debt and mortgage-backed securities
Changes in the Validation Rules with validity and quality edits
Enhanced Drive for Financial Crime Management
Increased scrutiny for Cryptocurrency, ESG and Operational Resilience
Changes in Regulations for Community Banks and Financial Market Utilities
Why are the Regulatory Reporting Platforms
gaining prominence?
The emergence of comprehensive platforms to address COREP, FINREP, Liquidity, Stress testing, and IFRS
Platforms are needed to address jurisdictional requirements across Asia, EU, and the US
The evolution involves segregation of transaction data collation and validation from the computation part so that the reporting is faster and on time
The evolution of digital intelligence platforms provides regulatory information in a structured and digital form
Regulatory Reporting
Platforms Architecture
- Regulatory Intelligence
- Regulatory Reporting
- Risk Computations
- Data Lineage
- ETL
- Analytical and Visualization
Why are Financial Crime Management
Reporting Platforms Crucial?
Increased shift to digital fulfillment, partly accelerated by Covid and further accentuated by the growing digital savvy and native customers
Cyber threats have grown in sophistication and are keeping pace with digital growth
Supervisors are coming up with regulatory changes at a pace unknown before to cope with the trends both in digitization as well as cybercrime and the activism on the consumer side
Regulatory Reporting
Platforms Architecture
- Identity and authentication
- KYC, KYB and Pep scanning
- Customer Life Cycle
- Security Tools
- Regulatory Intelligence
- Documents scanning and conversion
- KYC, KYB and Pep scanning
- Transaction monitoring
- Payments
- Alerts
- Regulatory Intelligence
- Case Management