Client challenge
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.
- Manual effort - The client uses an off-the-shelf solution designed for a one-size-fits-all environment. The solution means the client needs to place heavy reliance on manual human intervention to meet requirements.
- Customization - Given the volume of data and associated reporting needs, the existing solution did not allow the client to customize both data collation and reports.
- Scalability - Lack of automation restricts the client’s ability to scale data capture from an increasing and diverse number of data sets.
Why Cognizant?
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:
- Streamline inefficient processes with strategies and solutions to grow the business and keep customers at the center of the organization.
- Set strategies in motion that unify business and technology architectures, generate growth and enable competitive advantage.
- Modernize their approach to data and data management to unlock the potential of artificial intelligence while ensuring the bank’s data scales and is accessible while remaining compliant with data security and privacy regulations.
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.