KPMG in Singapore has partnered with RegTech company Lombard Risk to launch a new integrated regulatory solution.
Lombard Risk, the provider of regulatory reporting and collateral management solutions, and KMPG Singapore have launched the KPMG Regulatory Integrated Solution (KRIS).
The cloud-based offering will help financial institutions automate and fulfil mandatory regulatory reporting obligations in an agile, accurate and cost-efficient manner.
KRIS claims to help banks save as much as 50% of their time in complying with the relevant regulatory returns from by the Monetary Authority of Singapore (MAS), including the new MAS Notices 610/1003. The regulation mandate banks to collect, prepare and report significant amounts of data, which put a further burden on banks’ resources and budgets.
Gary Chia, head of financial services regulatory and compliance, said: “The rapidly evolving regulatory landscape has put time, cost and administrative challenges on banks to keep up with the changing demands around compliance.
“Our strategic alliance with Lombard Risk enables us to offer organizations a secure, automated and agile RegTech solution that significantly reduces the cost and effort needed to meet regulatory reporting obligations. KRIS is our response to both the regulators’ and banks’ push to digital solutions that enable them to meet the increasing demands and challenges they face.”
KRIS, which is powered by Lombard Risk AgileREPORTER, can source and extract data from multiple sources, transform, integrate and map the data before generating and validating reports. It then makes the reports visible to the banks for review before submission to the regulators.
Banks will only need to review and conduct final approval of the reports before submitting them to the MAS. With MAS’ requirement that all new regulatory returns submitted must be in machine-readable format from 1 April 2018, KPMG said KRIS is built with this requirement in mind, and has the ability to support both existing and future regulatory returns submission in the required format.
Founded in 1989, Lombard Risk helps its clients reduce the cost and complexity of managing risk while maximising accuracy, speed and value according to its website.
The company’s clients include banking businesses, counting over 30 of the world’s ‘Top 50’ financial institutions, as well as investment firms, asset managers, hedge funds, fund administrators, insurance firms and large corporations worldwide.
Last year, Lombard Risk Management agreed to supply its flagship regulatory reporting platform to OneSavings Bank. AgileREPORTER is used by the bank to gather key management information and analytics around trends, variances for audits and approvals at the challenger bank.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
