- "Social Like" Collaboration
Intuitive collaboration and usability features eliminating the need for "training"
The process of producing and submitting Regulatory reports requires co-ordination between multiple functions and each submission is a mini-project with timelines/deadlines of their own. Added to this is the complexity that the Central Bank/Fed examiners who can ask for any submission going back several months. They can also ask the bank to explain exactly how each number was computed. Another dimension being added to this is the move by the Regulators to the "Risk Based Supervision" regime thus making what was a "canned" supervisory process completely ad-hoc and agile.
Fintellix Labs is making significant investments to bring enterprise wide collaboration and document management tools to the process of Regulatory Compliance. This ensures that all the people involved in the process are seamlessly connected into the process without the need for complex process documentation and training.
So far, the results have been encouraging. The assisted workflows, alerts, deadline driven review flows and edit checks features have taken the process of regulatory reporting out of emails and into a collaborative environment. We are working on taking this further and the vision is to make the process completely transparent and error-free.