Case Study – Insights – Regulatory Reporting Automation

The Client

A leading multinational bank in the APAC region.

Key Focus Areas

Report automation for HKMA Regulatory Reporting. Reduction in manual effort, increase in efficiency and accuracy with a focus on governance.

Products Used

Alteryx

The Challenge

The client is a leading bank in the APAC region and over the years the regulatory reporting complexity has increased while the variety of internal databases and data sources has also increased and changed. This presented a number of challenges to the finance reporting team whom are responsible for sending regular reports to the HKMA. The time taken at each step of the process was significant and many of the steps were manual. Having manual steps allowed for errors to be made and made it difficult to prove data lineage and control data governance. The business began to lack confidence in the reports being produced and compliance was concerned the correct figures were not being reported back the regulatory body. This would leave them susceptible to fines and potential PR issues.

In addition to this, the client was also struggling to effectively share and use their data to generate business value. The reporting team had no time for value-add services and this was resulting in lost opportunities for potential revenue, in a highly competitive market. The finance reporting team wanted to do more but simply did not have the capacity.

Our Approach

Working with the client’s finance reporting team, our specialist consultants conducted business, data and process analysis to develop and implement an automated solution to support their regulatory reporting needs.

The client had experimented with automation in the past but was left with custom developed code that they couldn’t manage and was difficult to alter when reporting requirements would change. They wanted a tool that was flexible, built to handle data automation and could be learned by the team to reduce reliance on external vendors. After consultation, planning and review of available tools within the industry, Alteryx was chosen to meet these requirements. Our consultants designed, configured and deployed Alteryx to meet the use cases and agreed operational model to deliver an end to end solution for report automation.

The Outcome & Benefits

The client now has an automated regulatory reporting system that monitors data quality, ensures accuracy and provides a demonstratable process to regulators to prove reporting consistency. The finance reporting team can now monitor the process and intervene if there is any issues. It has also enabled them to do more value-add analytics and present data visualizations to senior management allowing them to use their data as an asset, providing additional value to the business.

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