The Prudential Regulation Authority (PRA) gave the bank the responsibility for the prudential regulation and supervision of 1,700 banks, building societies, credit unions, insurers, and major investment firms in the UK. Each of these entities submits a significant volume of data as part of the supervisory process.
Naturally, ensuring the quality of the data is key to success. Beju Shah, Domain Lead – Data Collection & Publication at Bank of England says on a podcast discussing intelligent automation with Seth Adler, "How do you get confidence in the results if you haven't got the right plumbing or data in place?"
The Bank of England had to establish a system for insurers to provide regulatory data returns under the SII Directive to the PRA. The SII introduced capital requirements sensitive to the levels of risk being undertaken and provided appropriate incentives for good risk management.
The returns, provided electronically on a quarterly and annual basis, were to be used to assess the solvency position of insurers and provide the information to support the Supervisory Review Process.
The bank wanted to be able to expand the system to add new data models, collections, and processes for other industry sectors, such as banking and credit unions.
The Bank of England Electronic Data Submission (BEEDS) system used the Vizor SupTech Platform to meet the EU deadline for the first phase of the SII regime in June 2015. The project was on time and on budget.
The bank added the system to several other data collections, including Buy-to-Let, Capital+, and Credit Unions. With our assistance, the bank was able to take the leading role in the configuration and roll-out of many of these additional data collections.
Building on the success, we won a larger contract in 2018 to develop the bank's strategic data collection platform. Several older systems were replaced, and data collections were consolidated in the new platform.
This involved creating a single supervision system for the reporting of financial and corporate returns via an online portal. To fulfil its ambitions, the Central Bank needed to migrate 470,000 filed returns dating back to the 1960s and 340,000 rules from a wide range of systems.