Global Financial Regulatory Reporting Migration

Unparalleled velocity and certainty of outcome

Background

First Derivative successfully executed a critical project for a Tier 1 Bank, shifting from a legacy vendor solution to a cutting-edge new vendor solution for multiple financial regulatory returns. This move was essential to enhance reporting accuracy and efficiency in compliance with financial regulations.

What we did

Initially contracted to maintain and enhance reporting software, the scope evolved to resolve data quality issues, automate return submissions, and deploy a new software application.

Our hybrid team of experts applied in-depth knowledge of the bank’s data systems, automated regulatory reports, and mastered data source migration, ensuring every step complied with stringent regulatory standards.

The results we achieved

Enhanced Efficiency: Optimisations led to a 15% time reduction in the existing regulatory reporting process.
Automated Calculations: Replaced previous manual Excel calculations with automated logic.
Data Quality Assurance: Addressed historical data mismatches and introduced full visibility of financial products.
Streamlined Processes: Established a seamless migration process with defect management and ongoing support, aligning all bank entities globally.
Expert Knowledge Transfer: Delivered comprehensive client training on the new solution.

First Derivative | An EPAM Company

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