Regulatory Reporting Platform Development for a Fortune 100 Bank
Our client, a leading Fortune 100 global diversified financial service holding company.
Being a global bank, the client had to comply with the regulations laid down by the federal agencies - Federal Reserve Board (FRB) and Office of the Comptroller of the Currency (OCC).
These included FRB’s Comprehensive Capital Analysis and Review (CCAR) and OCC’s Dodd-Frank Act Stress Test (DFAST), a semi-annual exercise intended to assess the large bank holding companies (BHCs) risk profile and capital adequacy even at times of adverse economic and financial stress.
Data sourcing from different demographics and business units was manual, time-consuming, and tedious through email communications. Non-compliance to CCAR reporting led to high-cost implications.
Xoriant combined engineering rigor with next-generation technology expertise to make the regulatory reporting process smooth.
Designed platform architecture for reports management, process orchestration & workflow.
Developed the platform for enterprise-wide regulatory report specific data aggregation, submission & management.
Reduced 90% manual errors and achieved 100% accuracy level in submitted data.
Delivered single day report submission irrespective of report type.
Reduced time taken for report generation & submission.