Since the outbreak of financial crisis in 2008, the supervision by central banks and regulators around the world has been increasingly stringent. Hong Kong Monetary Authority (HKMA), empowered by Banking Ordinance, follows international standards and practices, conducts off-site reviews and requests all the institutions to submit returns on regular and timely basis in order to keep up with the changing financial risks in Hong Kong. Meanwhile, HKMA and other regulators have been modifying their regulatory requirements and dimensions. Furthermore, technology advancement and the emerge of innovative products in financial industry have also brought a huge challenge to all regulators.
As the new comer to provide solution on regulatory compliance and risk management in financial industry, RIKING has formulated a product to address the above mentioned challenges and released a F2RS regulatory reporting platform. This solution can handle different data types of system sources in institutions and then through the processes of data collection from upstream systems, data transformation, data cleansing and report validation, HKMA returns will then be produced. Such report automation will greatly enhance the report generation efficiency and ensure the accuracy and timeliness of report data.
Great Flexibility
Open platform design – ability to support the release of multiple operating systems, data warehouses and mainstream middlewares as well as multiple deployment ways (physical or cloud);Based on JAVA EE framework, the front and back ends are designed separately in order to realize the reporting modules, setting of parameters and configuration;Ability to support various data formats (data warehouse, data files or any other interfaces).
High Availability
Support load balancing measures;Support multiple cluster deployment ways.
Strong Data Traceability
Summarized reported figure can be drilled down to transaction level, so users can do analysis of any reported figure.
High Security
Adopt separated framework for the application and data logic processing;Detailed user access right settings, down to each system function.
Sensitive data masking and data encryption
Comprehensive users log history;Robust backup copies and recovery strategy.
Through the unified management of software, the operating cost and maintenance cost can be greatly reduced. The automatic processing process can replace the manual processing process, to improve users' work efficiency and guarantee the accuracy and standardization of data and reduce the error rate at the same time.
Meanwhile, we can help you optimize the regulatory reporting business process and update the system in accordance with the latest regulations issued by relevant regulatory authorities.
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