The challenge

In an ever-changing environment, a North American Central Bank was keen to bring its regulatory and supervisory systems up to date and online.

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.

The solution

In partnership with Deloitte, Regnology, was appointed to develop an online portal for use by all the reporting entities. The system consists of more than 100 separate returns with its own data models and sets of validation rules.

The new system went live ahead of schedule and on budget. It achieved significant reductions in data processing times and replaced multiple older systems with a single supervision platform.
The project had hundreds of functional and non-functional requirements, all of which were met to the satisfaction of the North American Central Bank.

The Benefits

The North American Central Bank was able to achieve a number of benefits and improvements from the use of our flexible platform, including:

  • The introduction of a powerful search capability across the entire repository of return submissions from over 2,400 external filers.
  • Enable return submission review and export to various formats.
  • Improved efficiency – 13 systems migrated to one centralised system.
  • Allow Late Filing Penalties assessment on late submissions, including override and reporting.
  • Implement complex return scheduling for periodic submissions based on corporate profile information, such as fiscal year-end.
  • Provide submission tracking, overdue submission reporting and submission history.
  • Include a warning flag and review process for returns submitted with warnings.
  • Status override for erroneous returns that cannot be submitted by organisations.
  • Report generation, report sharing with Central Bank users, and report publication to regulated organisations.
  • New system makes use of embedded workflow for the complex process of return data entry, validation, submission, review and approval and iterative correction and revision cycles.

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