By Shrikanth Amruthraj, 28 Jul 2018
Ever since the Monetary Authority of Singapore (MAS) published the first Consultation Paper to reform the MAS Notice 610 in December 2014, every product vendor and consulting service provider has taken the opportunity to highlight the gigantic increase in the number of data points to be reported. An abundance of literature has been produced highlighting the merits of conducting a Data Readiness Assessment for compliance. We are now in the middle of 2018, two Consultation Papers have been opened and closed, the final guidelines have been issued and the implementation is due in less than 21 months, but there are hardly any useful tools available for financial institutions to analyse the complexity of MAS 610 reporting. To address this urgent need of financial institutions, Argus has developed a Visual Map of reporting elements across all 66 appendices and annexures specified in the final MAS 610 guidelines. And the good part is – It is totally free!
Introducing Argus’ MAS 610 Visualiser
Argus’ MAS 610 Visualiser is a first-of-its-kind, 3-dimensional Visual Map of Reporting Forms, Instruments and Dimensions. This lucid and coherent view enables financial institutions to perform a visual analysis of the MAS 610 reporting requirements in three different ways:
1.Reporting Form centric (Refer to Exhibit 2):
Financial Institutions can choose any of the 66 reporting forms and view the complete list of instruments to be reported within the selected form as well as the list of dimensions by which those instruments should be reported within that form. This view also provides a brief description of the selected reporting form along with the frequency at which it must be submitted to MAS.
2.Instrument centric (Refer to Exhibit 3):
Financial Institutions can choose any of the 52 instruments and view the complete list of dimensions by which the selected instrument should be reported across all the 66 reporting forms. The same visual can also be used to view the list of reporting forms where any Instrument-Dimension reporting combination is required.
3.Dimension centric (Refer to Exhibit 4):
Financial Institutions can choose any of the 102 dimensions and view the complete list of instruments which must be reported by the selected dimension. The same visual can also be used to see the list of reporting forms where any Dimension-Instrument reporting combination is required.
A spreadsheet version of the MAS 610 Visualiser can be provided to the interested Financial Institutions. You may express your interest by clicking on the “Request Spreadsheet Version” button placed within the MAS 610 Visualiser.
Navigating through MAS 610 Visualiser
1.Landing page view
2.Reporting form-centric view
MAS 610 Visualiser is the first in a series of toolkits Argus is developing for the benefit of financial institutions. These toolkits will provide interactive and easy-to-navigate interfaces, designed to reduce the time and effort spent in understanding MAS 610 guidelines. Stay tuned for more such toolkit releases.
By Shrikanth Amruthraj, 5 Mar 2018
One of the sections in MAS 610 where the granularity of reporting has been substantially increased in the newly proposed gu...