An ever evolving and more stringent FSCS regulatory compliance landscape with increased reporting and risk oversight, demands a sophisticated single customer view reporting tool for financial services firms around the globe.
It’s difficult for banking technology teams to keep up as banks are generating and analysing more customer data than ever before due to initiatives in global derivatives regulation.
Adding to the demands of FSCS regulatory compliance, many of the existing FSCS SCV regulations require changes to transaction formats to standardise processing and reporting.
“Banks are likely to spend more than $8 billion in the next six years to improve technology platforms to meet demands to beef up how they manage and report risks". – Sungard
Financial institution's data across the organisation in siloed applications and data stores and sharing data between different parts of their banking institution is difficult and requires manual effort every time data is shared.
Because of these data and organisational silos, FSCS regulatory compliance reporting usually entails transferring information from multiple systems into a centralised data repository, creating more data in the process.
The process of extracting, aggregating, standardising, and reconciling data for regulatory and compliance purposes increases the risk of poor data quality and inaccurate reporting, which can spell trouble for financial institutions.
Our SCV Alliance - FSCS SCV Audit solution helps you to identify inaccuracies and put processes in place to prevent penalties and ensure that your data is duplicate free, consistent and accurate. Our FSCS Single Customer View Audit and Automation solution provides data insights and allows you to correctly identify the individuals and entities to be reported, including exclusion, effectiveness and completeness reports.
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