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Unified Regulatory Compliance Platform

A one-stop platform for banks to report data quickly and accurately for more effective response to regulatory requirements.

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Background

Industry pain points: The rapid development of China's financial industry has seen an increase in financial institutions and financial business innovative products, which brings challenges to financial regulation. To prevent financial risks and maintain the stable development of the financial industry, the nation is tightening its regulation of financial institutions. Regulatory bodies with oversight of banks such as the People's Bank of China (PBoC), the China Banking and Insurance Regulatory Commission (CBIRC), the State Administration of Foreign Exchange (SAFE), and the National Audit Office of the People's Republic of China (CNAO) have also issued notices requiring banks to complete data reporting. Thus, financial institutions need to build a unified regulatory compliance system to meet regulatory requirements for different businesses.

Pain Point

In performing their supervisory duties, regulators adopt a combination of on-site inspection and off-site regulation, with off-site regulation as the main method. The main approach for off-site regulation is the submission of various types of banking regulatory data. Regulatory data has been an important tool for regulatory authorities to understand the data quality in financial institutions. After the publishing of the Notice Concerning Special Governance of Regulatory Data Quality, regulatory authorities enhanced the data governance of financial institutions, with ever-tighter supervision and stricter punishment.

Currently, the regulatory reporting of the banking industry covers 20 main categories of data, including 1104 reporting, PBoC data centralization, EAST reporting, anti-money laundering reporting, interest rate reporting, and credit reporting. For banks, the ever-expanding scope of regulation, from statistical metrics monitoring to thematic business data reporting an detailed business data reporting, increases the business scope, reporting APIs, data reporting frequency, and data accuracy requirements in the reporting work. Banks face many challenges in compliance data monitoring: 

  • The off-site regulation report contains many documents, with thousands of fields to be filled in. It requires various business lines across departments of the bank to complete the report, which makes communication and collaboration difficult.
  • Processing report data and checking relationships between reports consume a lot of time.
  • The lack of a unified data review and verification mechanism and filling process control mechanism makes it difficult to ensure data accuracy, resulting in frequent errors.
  • Without unified data management, an institution's historical data from off-site regulation reports cannot be used for data analysis, resulting in a waste of data resources.
  • The data quality does not meet regulatory requirements.
Overview
Features:

  • Data filling, review, return and query: The process of viewing, adding, verifying, and submitting the required data generated by the system after the task is published. On this page, you can view detailed report data from different institutions and perform related operations on the reports. The review of submitted report tasks. Data review involves features such as approval and rejection of report data. You can click the report to view the details and lock or unlock the data. Return report tasks after review. If problems occur during the reporting process, the report can be returned. The whole batch of data of the report will be returned to the data filling phase. You need to modify the report and re-submit it for review. You can query temporary tables, physical tables, and archive tables separately, or select filter conditions and click.
  • History record, Metrics analysis: Changes to system metrics are recorded by the system. On the report metrics page, the system automatically analyzes the report metrics based on their change records, including historical data comparison and trend analysis.
  • Message generation: For reports that have been reviewed, you can use this feature to generate documents required by the regulatory institution for reporting.
  • Template configuration: You can use the report defining tool to define the report as needed, including the basic information and cell information.
  • Rule defining: You can add or modify the rules issued by regulatory bodies, or customize the verification rules as needed.
  • Task management: You can complete the setup of report tasks, including the report start time, report scope, reporting level, and reporting institution. Tasks can be published manually or automatically.
Advantages
With password authentication, only authorized individuals can log in to the system, preventing the system from illegal modifications. For important data, only system admins have the permission to modify, and other individuals do not have the modification permission. Each modification by users on the database is recorded in the log.
The system has relatively independent functions at each level, allowing for future expansion. The call relationships between layers can be described through APIs to achieve loose coupling between layers, so the technical architecture is not tied to specific application architecture. This design facilitates continuous application expansion based on regulatory requirements.
The system has built-in standards for regulatory verification that support in-table, inter-table, cross-period, and inter-system verification. You can also configure verification rules.
The regulatory knowledge base in the system enables cross-regional, cross-departmental, and cross-level collaborative regulation. While improving the regulatory efficiency, the knowledge base also tracks each regulatory action, achieving the "supervision" of regulation.
Each business can share the data and analyze the business system data, which can improve the efficiency of processing data and standardize the interaction of data among systems.
The analysis efficiency of source data is enhanced through data analysis of supervised application systems and the real-time query and analysis of related business system data.
The processing performance of tables with a large volume of data is improved, accelerating the output efficiency of corresponding regulatory systems.
Prompt responses can be made to regulatory policy changes.
The unified regulation and reporting platform for a large commercial bank
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