CRS Compliance: Re-engineering Bank’s Approach on Data Orchestration
Our client was able to surmount challenges and achieve a high level of compliance in their regulatory reporting process, freeing them from data silos and compliance gaps.
The financial services sector operates within a dynamic environment, driven by regulatory frameworks at both national and international levels. The implementation of new tax transparency measures and the adoption of Common Reporting Standards represent significant developments with profound effects on financial institutions.
Financial institutions are left with a double challenge of strengthening compliance efficiency given these regulatory changes and addressing the impact of the downturn on operational resilience, whilst striving to keep up with evolving requirements of regulators. This has led to a substantial portion of the sector’s personnel serving in governance, risk management, and compliance, reflecting its emphasis on regulatory compliance.
Furthermore, the challenges are compounded by the dependence on manual labour, concerns regarding the integrity of data, and the intricacies involved in collecting and overseeing data. To ensure compliance and operational resilience, these scenarios highlight the critical necessity for financial institutions to restructure their operational processes and adopt a centralised data management framework.
In this case study, let us explore how Macro Global’s CRS Stride assisted the bank in the UK to overcome their data governance challenges by simplifying regulatory change management, resolving data fragmentation, streamlining analytics, and mitigating risks, ensuring timely and accurate reports in the mandated format and enabling efficient compliance in a dynamic regulatory environment.