BOM - Automated Data Flow

In 2014, the Bank of Mauritius (BOM) embarked upon an ambitious journey to automate the submission of regulatory returns from manual submissions to XBRL-based returns. The regulator's goal was to adopt newer technology and ensure easy availability of historical data, improved data quality, and timely submission in the prescribed format.

More nuances come to the fore as we dive deeper into specific reports. For example, some Advances reports that expect banks to report on sector-wise loans require banks to follow the ISIC (International Standard Industrial Classification) code.  Hence, banks need to build the intelligence necessary to segregate industries of their counterparties as per this standard. Similarly, many reports require banks to provide a list of customers/applicants, pointing towards a demand for increasingly granular data.  

To solve this problem, a regulated entity must establish a data foundation that aligns with effective data governance and reporting principles to meet these requirements. In addition, the architecture must facilitate the storage of Historical data arranged subject area-wise. Moreover, the architecture must facilitate "Straight-through processing" of reporting without manual intervention to the regulatory submission.

Our experience working with regulated entities across the globe underscores the investment required on Centralized Data Repository (CDR) based 'Straight-through processing' solutions to be effective in achieving timely submissions. Our Solution leverages a proven Data Management Platform that is in line with BCBS239. The Solution can leverage existing data infrastructure such as Global Data Warehouses and allows in-country teams to manage Local Regulatory Rules, Local Regulator-driven data validations, Local Regulatory Templates, and even some temporary data augmentation through Auditable Data Management Platform. 

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Features

Excel as a Reporting Tool

Excel as a Reporting Tool

Excel based user-friendly interface to develop report formats with pre-built regulator defined templates


Document Collaboration

Document Collaboration

Powerful collaboration, document management.

XBRL-Enabled

XBRL-Enabled

Ability to generate reports in XBRL, PDF, XLS and other prescribed regulatory formats.

Simplified Change Management

Simplified Change Management

Enables business users to manage regulatory changes in a simplified manner, thereby reducing dependency on IT teams.

Flexible Data Integration

Flexible Data Integration

Seamless integration with any core banking systems/Data Repository, including Global Data Warehouses. Integrate gap data using files in .xls, .csv, .txt formats.

User Interface

User Interface

The User Interface consists of a GUI-based utility to manage Reference Data such as Industry Codes, Branch Codes, etc. Business-user-friendly interface to maintain regulatory rules and data valuations.

Highlights of the Solution

Edit-Check Engine

Validation Engine

Embedded report validation engine to create any number of user-defined validation rules

Hierarchy

Data Lineage

The Solution can drill down from reported fields to underlying accounts for tracing errors and mismatches

Data Adjustments

Data Adjustments

Support for data adjustments to reported fields

Create Structures

Create Structures

Ability to create user-defined table
structures to pass data adjustments
directly to the Data Hub.

Data Quality

Data Quality

The Solution has an embedded Data Profiler tool to define and validate against configurable data quality thresholds.

Calendar

Calendar

The Solution has an In-built calendar to automate the generation of reports at pre-defined frequencies.

Scaling Factor

Metric Scaling

Configurable scaling factor for reporting financial positions and performance as per regulatory/business requirements

Flexibility

Multi-format Reports

Ability to generate reports in multiple
reporting formats – XLSX, CSV, XBRL,
PDF, XFDF etc.

Form Reporting

Version Control

Version controller for reporting forms
with the ability to archive and access
older versions.

Review Process Flow

Review Process Flow

Review Process Flow (RPF) engine to
easily create unlimited number of
user-defined workflows with any
number of approval levels.

Management Module

Profile Management

User Management module to create
and manage users, roles and access
controls.

Audit Trail

Audit Trail

System generated log files for
Audit Trail.

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