Reg.NXT is challenging the status quo of how regulatory reporting has been done for the last decades.
With this solution we are addressing several common challenges upon selecting or implementing Regulatory reporting platforms, including:
Banks tend to struggle with providing their data in the exact format and with the precise content that the input layer of the Reg reporting system expects it. Moreover, Regulatory reporting vendors tend to come up with fixed value reference data lists like product types, interest types, etc. which banks must map to.
While mapping to the input layer is time consuming as well as costly, it also creates a custom hard coded piece of software which makes it difficult for the bank to then maintain going forward or have proper data lineage on.
Banks that have regulatory submission requirements to multiple regulators often struggle to find the right vendor. In addition, vendors sometimes prefer to not build plenty of regulatory reports for just one client.
This often leads to expensive pricing for regulatory reporting templates that are not necessarily in a core location of the vendor.
There is a current lack of a well-documented data lineage options from the regulatory report to the source data. Data lineage often only goes back to the input layer of the Regulatory Reporting solution, which in turn is not so meaningful for an end user as the data will be presented in the format of the regulatory reporting vendor.
Reg.NXT provides the answer to these challenges by offering standard connectors from our extensible data model and calculation results to different Regulatory reporting input data layers. These connectors are transparent, versioned, well documented and editable by end-users, providing full data lineage.
Using Reg.NXT connectors, banks save time by leveraging pre-packaged mapping and they can deliver their data to ElysianNxt in its original form and content.
Clients can choose to implement multiple regulatory reporting systems, leveraging more than one connector. Selecting best-of-breed will lead to better pricing and local expertise.
Clients can choose to also implement some of the ElysianNxt calculators for IFRS 9, Basel Credit Risk, Interest Rate Risk, Liquidity Risk and Market Risk both in a regulatory or simulation context and see these calculated results mapped through to the regulatory reports.
The ElysianNxt platform becomes the Finance, Risk and Regulatory data mart for all Regulatory purposes and other businesses purposes banks may have and therefore will be a “Goldednsource” of validated data for banks.
ElysianNxt will be accountable for regulatory changes and the adapters will be required to keep up-to-date with the latest reporting data model of the regulatory reporting vendor. This significantly reduces the reliance on custom code, regulatory reporting vendors and provides consistency and future proofing for the bank.
This whitepaper explores the key pain points in today’s reporting landscape and how banks can achieve strategic advantages by adopting a unified data management platform for full data lineage.
ElysianNxt and Aguilonius’s strategic collaboration is delivering a fully transparent, BCBS 239-compliant regulatory reporting platform, setting a new benchmark for efficiency and compliance in the financial sector.
Let us know what you’re interested in and we’ll be in touch with you.
