Today, Indian banks are met with a burgeoning requirement for regulatory reporting to ensure statutory compliance. While the data generated in-house continues to grow in volume as well as intricacy, meeting regulatory requirements is becoming increasingly complex posing a challenge to organizations across geographies.

Presenting FinCluez Central Bank Reporting Platform for Automated Data Flow (ADF) / Centralised Information and Management System (CIMS)

1. End to End Regulatory Reporting Solution: The FinCluez Data Platform is an end-to-end solution designed to enable seamless data flow across stages and submit accurate and timely reports.

2. Single source of truth: Use the same system for Regulator as well as for internal reporting / MIS.

3. KPIs and dashboards: Thousands of out of the box KPIs and hundreds of dashboards.

4. Automated Extraction, Load and Transformation: The platform enables an automated process flow with zero manual intervention thus ensuring that data integrity is maintained throughout.

5. Reconciliation and Validation: The platform comes with prebuilt reconciliation and validation engines.

6. Comprehensive Coverage: Our teams continuously monitor regulatory changes across geographies and update the platform with necessary updates ensuring 100% compliance.

7. Increase the Efficiency of Data Management and IT: The standard global FinCluez data model and data practices ensure streamlining of data and bringing in efficiency while maintaining specific local regulatory requirements.

8. Complies with recent changes announced by RBI: According to the recent changes announced by RBI, all returns need to be submitted by Staging Area Data portal (SADP) for banks lesser than 5 branches. FinCluez enables XML and CSV convertors which in turn will help Financial Institutions in generating .xml and .csv files for filing their returns according to these new mandates.

Even if RBI brings in changes to the current approach, system upload to RBI can be simplified using FinCluez. The solution helps in System-to-System channel returns and enables File upload to RBI in the transition period as well.

India RBI Regulatory Reporting Challenges

Stage Challenges Solution

For ADF Data Preparation

  1. Preparation of data for ADF and other regulatory reporting
  2. Assigning data points to owners, collecting them before time and reconciling both sets before submission
  3. Adjustment entries with maker checker which may require changes in transaction system/core at a later date/batch or user screen data uploads. Ensuring accuracy in all of the above is important
  1. Pre-built and separate DataMarts for ADF: This ensures quicker download of latest templates configured using business rules and in-built calculations. All DataMart ready as per RBI’s end state
  2. Framework to facilitate the integration of data across sources and collaboration among users with validation checks
  3. User defined inputs for adjustment entries with maker checker workflows and audit trails

During RBI Inspection

  1. To cover subject areas depending on data of micro & macro data point
  2. Generation of previously submitted reports with same data (of the date) during onsite inspections with visibility of the audit trail
  1. Enables Banks/NBFCs to respond to queries on calculation methodology and reporting values by providing drill downs, configurable business logic definition screens, capability to upload supporting documents and re-generation of the old report with the same data as submitted earlier
  2. Traceability of adjustments/updates through audit trails

Reading References:

To discuss on how we can help your bank become ADF / CIMS compliant, write to us at info@profinch.com