BearingPoint RegTech has launched an outsourcing solution for regulatory reporting that will diminish the cost of compliance for institutions.
The company is a leading international provider of innovative supervisory, regulatory and risk technology solutions.
The RegTech Factory is a solution to help regulated companies like banks, building societies, lenders, challenger banks and other financial institutions reduce complexity in complying to regulatory obligations.
The tool utilises a common platform and provides firms with a standardised granular data model to interface with. The advantage of this approach is not only a shared common infrastructure for market participants, but by moving to a more granular data model, there is a level of shielding from regulatory change and the much sought after data lineage from report to system.
“The UK banking industry is competing in processes where no revenue is being generated. We believe that this situation will change,” said Mark Shead, head of RegTech Solutions UK at BearingPoint RegTech. “There is room for financial institutions in the UK to work together more, collaborating on the conceptualising of reporting tools, the resultant IT build and the deployment of new reporting systems.”
The news comes after BearingPoint RegTech announced that it would be acquired by Nordic Capital earlier in November.
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