Brunei Darussalam Central Bank reaches new heights in data quality

The challenge

BDCB knew its plans for reform depended on supporting its maturing financial services market. It had identified investment technology and a state-of-the-art regulatory system as key parts of its goals. After a competitive tendering process, BDCB selected Vizor, now part of Regnology, as a strategic partner, being the lowest risk and highest value option available on the market.

There were five main areas of focus:

1. Data Collection – Data was collected and stored in disparate systems, mainly processed manually with no automated checks and validation rules in place.
2. Data Submission – Manual re-submission (copy and paste) of submitted data by the Bank´s analysts. This was an extremely lengthy and manual process, subject to human errors and data corruption.
3. Data Quality – Poor quality and flawed data was collected due to manual data transfer and human error. These were non-granular data points with a very low value for decision-makers.
4. Data Analysis and Reporting – Functionalities were limited to excel reporting features. Low-quality data couldn´t provide real-time insights and be used for predictive analysis.
5. Internal Processes –Six internal units were working in silos, with almost no communication and low visibility of data across different departments. Time and resources were wasted on copy and pasting data, instead of the analysis of collected data.

The solution

Over a nine-month period, BDCB implemented an integrated solution for regulatory returns and analytics, known as CSS.

In total, the solution was delivered across six internal units within BDCB, collecting data for around 100 regulated entities. The implementation was conducted by a dedicated core team of experienced specialists and subject matter experts, ensuring an extremely efficient, low-risk project.

With the implementation of the new solution, there was a move away from manual processes and intervention. It eliminated the need for BDCB Analysts to copy and paste data across workbooks. Instead, all submitted data automatically gets stored, making it ready for analysis, reporting and forecasting.

With the new system, data validation checks are automatically triggered. Notifications are distributed automatically throughout the lifecycle of the returns for submissions, approvals, and rejections. All data is stored in a central database for robust reporting.

The story continues

With the initial implementation, our relationship with BDCB expanded. They now have an upgraded system in place, covering licensing and regulatory transactions. It enables them to streamline authorisations while maintaining accurate master data. 

The impact of these implementations goes beyond saving time and increasing efficiency. The modern, flexible and future-proof regulatory system contributes to the development and sustainability of the financial eco-system in Brunei Darussalam. It also helps with reshaping the financial sector workforce, adding highly-skilled, productive and talented professionals.