Regulatory Reporting
Key Challenges
- Being able to generate reports for filing purposes on completion of each the important compliance process, so that compliance evidence at the institution could be showcased during regulatory inspections.
- Being able to carry out detailed investigation and seek authorizations from senior management prior to generating and filing regulatory reports.
- Being able to generate Cash Transactions, Suspicious Activities and other regulatory reports at click of a button, in printable as well as electronic forms.
- Being able to generate governance, risk management and compliance matrices driven reports for board members, senior management and operational managers.
Please fill-in your name along with email & press the button on the right and we would explain why these & many other challenges need to be addressed.
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KYCsphere Solution
Regulatory, management and operational reporting requirements are essential to manage the compliance function and to meet legal requirements of filing cash transactions and suspicious activity reports to Financial Intelligence Units (FIUs) of each jurisdiction that institution operates in. Compliance undertaken and reports generated also need to be maintained for multiple years along with their history and audit trails to serve as evidence of processes implemented and controls exercised, at the time of regulatory inspections.
KYCsphere's Regulatory Reporting tool encompasses the aforesaid requirements of creating, populating and validating reports in a simple Internet browser and printing or exporting them as per the desired format, including the electronic one for auto upload. Regulatory reports such as Cash Transactions and Suspicious Activity reports among these are generated after identified high risk alerts from Alert Management tool are investigated in the Case Management tool and after getting the necessary senior management permissions to file these with FIUs. Internal management and operational reports are created that summarize vast amount of customer data into indicators & trends of internal & external fraud detections, money laundering activities, suspicions leading towards terrorist financing and other risk management & governance matrices. This feature-rich tool can give your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.
Please fill-in your name along with email & press the button on the right and we would showcase to you how this could be achieved.
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Key Benefits
- Cost effective and single click simplified method of complex regulatory reports generation, in spite of all the changes sought in the reporting formats over a period of time.
- Timely generation of pre-populated regulatory reports in desired formats for internal storage and automatic electronic uploads, as per the formats and deadlines prescribed by the FIUs.
- Archiving of internal and regulatory reports for as many years as prescribed by regulators, along with complete audit trails and historical information.
- Manage the entire regulatory interface of receiving requests, submitting reports, resubmitting corrected reports, presenting evidences and showcasing proper processes & controls during regulatory inspection.
Please fill-in your name along with email & press the button on the right and we would help you to arrive at substantial cost savings by using Microsoft® Azure Cloud based KYCsphere.
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