Regulatory Single Source of Truth

Tags:

• singlesourceoftruth
• ssot
• bank
• privatebank
• financialservices
• insurance

Regulatory Single Source of Truth

Executive summary

Leveraging all existing data sources from core banking, risk- and trading systems to the Customer Relationship Management (CRM) and general ledger as granular input for your regulatory Single Source of Truth (SSoT).

Problem statement

Most regulatory solutions today require huge maintenance effort on both business and technology teams. Ever more granular and ever more near-time regulatory requirements further increase this pressure. Usually the various regulatory domains have created and continue to create silos for central bank, credit risk, liquidity, Anti-Money Laundering (ALM) / Know Your Customer (KYC) and transaction monitoring regulations. Further requirements from ePrivacy, Product Suitability and Sustainability regulations even further dilute these efforts.

Target market / Industries

• Financial services
• Insurance

Solution

Leveraging the semantic integration capabilities of StreamZero Data Platform, it allows you to reuse all the integration efforts you have previously started and yet converge on a common path towards an integrated (regulatory) enterprise view. The ability to eliminate high-maintenance Extraction Transformation Loading (ETL) coding or ETL tooling in favor of a transparent and business driven process will save you money during the initial implementation and during ongoing maintenance. Templates and a proven process were applied to use what exists and build what’s missing without long-term lock in.

The solution included:

• Semantic Integration leveraging all your prior integration investments
• Business driven data standardization and data quality improvements
• No Code implementation => business analysis is sufficient to generate the integration layer
• Implement data governance & data quality via reusable business checks
• Multiply your regulatory investments to be used for analytics, sales and risk

Stakeholders

• Compliance

Data elements, Assets and Deliverables

As an Input from the client, the following items were used:

• Full regulatory granular scope master & reference data (incl. UBO hierarchies)
• Client portfolio (positions / transactions)

Assets & Artefacts:

• Private Bank Data Model
• Optimization Algorithms
• Data Quality Business Rules

The deliverables included:

• E2E Models & Integration Schema
• Library of Business Checks

Impact and benefits

The semantic SSoT is now used by other functions across the bank leveraging regulatory investments for sales support, operations and risk management.

The use-case implementation resulted in:

9% reduction of risk weighted assets

9 FTE (50%) reduction of regulatory reporting team

In addition, recurring Cost of Capital savings of over 15m CHF p.a. were achieved.

Testimonials

“We have semantically integrated +220 different data sources at Switzerland largest independent Private Bank. The regulatory team was able to deliver better results faster and yet decreased the team size by 30%.” — Mr. XXX YYY, Title, Company ZZZ.

Tags / Keywords

#singlesourceoftruth #ssot #bank #privatebank #financialservices #insurance