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The Monetary Authority of Singapore (MAS) regulatory notice MAS 610 requires increased data reporting for financial institutions. Tighter regulatory requirements over core reporting include both balance sheet and off-balance sheet information, foreign exchange business transactions, collaterals and classified exposures. This means more detailed reporting by financial institutions when reporting assets, liabilities and off-balance sheet items to meet compliance.
Organizations face significant costs from human intervention, process management and audit to meet compliance requirements and face potential financial penalties for inaccurate reporting. It would be arduous and costly if rely on manual labor to manage the required reporting processes. Most banks faced the same financial and time challenges for accurate submissions.
Maintaining a competitive advantage can be challenging when customers expect around-the-clock banking services while keeping abreast with industry standards and regulations. We have helped banks to:
Cognizant has worked with this client since 2017 and has developed a relationship as a trusted advisor to the bank. The client relies on Cognizant to lead and shape the Bank’s end-to-end regulatory compliance implementation projects.
The client chose Cognizant to modernize its regulatory reporting and compliance capabilities:
Everest Group ranked Cognizant a leader in its latest report, the PEAK Matrix for Banking Operations, recognizing our commitment to business modernization.
reduction in compliance costs resulting from automation
reduction in human intervention
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