CUSTOMER STORY
The Bangko Sentral ng Pilipinas
OBJECTIVE
The Bangko Sentral ng Pilipinas (the Philippines Central Bank, or BSP) was dealing with the primarily manual and resource-intensive process. The main source of the issues was receiving inconsistent, incomplete, or late reports from the supervised financial institutions. Data cleaning and validation were consuming significant resources.
The situation mentioned above was highlighted when new regulations were issued or the existing ones were amended to align with global banking standards (i.e., Basel reforms), or when the reporting requirements had to be revised and templates had to be added or updated. The interpretation of the new requirements had to be done by the supervised entities. The banks had to complete more than 240 reporting templates with more than 100,000 data points altogether by 2017.
This evolution has incorporated several inefficiencies into the regulatory reporting process and has indicated that it is time to make some changes. The system relied on Excel-based reporting templates, but that was not an efective solution due to manual preparation. The RegTech for Regulators Accelerator (R2A) partners with leading financial sector authorities to pioneer the next generation of tools and techniques for regulation, market supervision, and policy analysis. RegTech for Regulators Accelerators (R²A) published a request for applications where companies from all around the globe got the opportunity to propose their solution in the competition. A panel of judges selected a winner to develop the API and visualisation prototype. Compliant Risk Technology (CRT) was the winner in this competition among the international competitors, and therefore, we got the opportunity to work on this project for the BSP.
This evolution has incorporated several inefficiencies into the regulatory reporting process and has indicated that it is time to make some changes. The system relied on Excel-based reporting templates, but that was not an efective solution due to manual preparation. The RegTech for Regulators Accelerator (R2A) partners with leading financial sector authorities to pioneer the next generation of tools and techniques for regulation, market supervision, and policy analysis. RegTech for Regulators Accelerators (R²A) published a request for applications where companies from all around the globe got the opportunity to propose their solution in the competition. A panel of judges selected a winner to develop the API and visualisation prototype. Compliant Risk Technology (CRT) was the winner in this competition among the international competitors, and therefore, we got the opportunity to work on this project for the BSP.
