Home Regulatory Technology FSCS SCV Enterprise Solution Suite | All-in-one Standardisation of Data for FSCS Regulatory Compliance​ Reporting - Data Governance

Standardisation of Data for FSCS Regulatory Compliance​ Reporting

Macro Global's Data Governance Framework Model

 

In 2019, the factsheet of Macro Global’s solutioning addressed major regulatory reporting challenges over operational data governance and sovereignty due to various geographical presence of the financial institution.

We would like to share the case study report of how our Data Governance Model Framework of FSCS Single Customer View regulatory reporting solution helped one of our clients who had data in silos and unable to generate fully compliance SCV files with their legacy reporting systems.

Business Challenge

One of our clients, having multiple geographical footprints used the legacy reporting systems in regulatory reporting preparation which pulls customer data sources from multiple systems which prone to errors, omissions, and duplication due to unstructured data formats. With these substantial data silos, it was hard to fully comply with regulatory reporting. The massive volume of unstructured data poses new challenge for compliance teams with multiple records for the same person and it is difficult to derive accurate data and perform data unification.

Our Solution

We addressed the issue in 3 effective phases.

Phase 1: Gap Analysis:

Our SMEs and business professionals conducted an operational and business readiness assessment to understand the current organizational data model and observed that the client required an integrated and comprehensive approach in order to understand the implications in their business operating model and assess quantitative benefits that could address in terms of data governance.

Phase 2: Deploying the strategy:

Practical recommendations were forwarded to the client provided with expertise to improve the data standards.

  1. Built reporting architecture for data onboarding and configured a DataMart for data transformation to feed the reporting tool.
  2. Framework implementation which includes Data-related decisions, processes, and controls subjected to data governance accompanied to support regulatory compliance and auditing requirements.
  3. Defining processes and business rules for ongoing governance and develop common standard data definitions.
 
Phase 3: Implementation:

Our team integrated the client’s current organizational data model with our MG’s Data Governance framework using our industry leading “SCV Forza - FSCS SCV Automation Platform" and "SCV Alliance - FSCS SCV Audit Platform" for the consistent improvement of their Data Architecture, Master data management, Data warehousing by managing and addressing the client’s challenges by 360 degree.

Download the Case Study
Our Regulatory Reporting Solution and Data Governance Support for Foreign Banks in UK

Learn the known unknowns for an enhanced and automated FSCS SCV regulatory reporting solution with strong auditing capability that could remediate their data redundancy and data duplication and to support global Regulatory reporting.

The Results

1

Restored the client’s confidence by turning the PRA’s RED rating into GREEN with no penalties and restored immunity with continual business operations. Further Remediation program has been withdrawn by PRA.

2

Client had a greater insight into their data set now and strengthened their relationship with their customer for greater business benefits both tangible and intangible.

3

Our solution helps in addressing a long hauled systematic issue that redefined reporting which includes Regulatory Reporting Hub for the customer using single data point.

Pls feel free to drop a note if you need more information or need a demo or a trial run on

0207 993 5840 or salesdesk@macroglobal.co.uk.

We are happy to take the call and give all the information you need ASAP.

 
Register for Free Demo
×
I agree with Macro Global’s Privacy Policy
 
×

Thank you for your interest on our product .

Our dedicated sales team will be in touch with you shortly in arranging the product demo. We are absolutely happy to assist you in answering all your questions and addressing concerns and issues with full coverage through our subject matter knowledge and industry expertise.

You are now one step closer in achieving FSCS compliance by 360 degree.

Request for Free Demo