Streamlining Regulatory Reporting with Advanced Data Management for a Swiss Investment Bank
Overview.
Our client, a leading global investment bank based in Switzerland, faced significant challenges in managing data for capital reporting due to a complex and fragmented data architecture. The bank required a comprehensive solution to comply with Basel III regulatory reporting standards while reducing operational and IT costs
The bank encountered several challenges in its operations:
Segregated Data: Multiple data sources hindered data consolidation and harmonization for reporting.
Cost of compliance: The bank incurred huge operational and IT costs to comply with Basel 3 regulatory reporting due to segregated investment banking and private banking applications and data architecture.
Process Harmonization: Streamlining and standardizing reporting processes across the revised architecture was necessary.
Solution.
Coforge implemented an end-to-end solution to address the bank's business process, data, and application architecture challenges. Key highlights of our solution included:
Data Governance: Conducted data profiling and cataloguing of reporting-critical data elements, ensuring accurate data lineage.
Capital BPM: Harmonized processes and controls according to the revised application and data architecture.
Reporting Data Domain: Leveraged a big data platform to consolidate granular reporting data.
Data Management: Established a business workflow to review and remediate data quality (DQ) issues before finalizing data for reporting.
Reporting Layer: Developed a Qlik-based self-service mechanism for internal MIS and front office handoffs.
The Impact
Focus area
Outcome
Compliance
Achieved compliance to BCBS 239 in terms of necessary documentation, review, and attestation; Adherence to SoX & RDAR
Cost
Lowered the total cost of ownership for technology and operations
Operational Efficiency
Reduced business cycle times for periodic capital reporting
Scalability
Enhanced system scalability and response time for future changes.
Data Quality
Improved data quality and adherence to SoX and RDAR compliance statements.