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Banking / WHITE PAPER
Indra Chourasia
Industry Advisor, CDO Strategic Initiative, BFSI, TCS
Prabhakaran Pitchandi
Global Head, CDO Strategic Initiative, BFSI, TCS
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Technology-led innovation to transform regulatory reporting solutions
The complexities of existing disjointed regulatory data and technology infrastructure are a hindrance in achieving timely and accurate fulfillment of regulatory compliance, especially in areas of cross-border reporting challenges and obligations. Given the need for regulatory reporting transformation, banks have to build agile and resilient multi-jurisdictional regulatory reporting solutions using a robust data strategy, automation, and technology-led innovation. The key imperatives for banks in this aspect will be:
Embrace AI-led regulatory inventory and data processes to help drive agility in the data-sharing model
Ensure standardized, granular, and consistent data for multi-dimensional aggregation and focused analysis
Adopt straight-through processing (STP) of data
Implement timely report-fulfillment capabilities with a potential shift to on-demand reporting
Adopt flexible architecture to support different regulatory reporting approaches
Leveraging Generative AI for Proactive Risk Management in BFSI
Leveraging AI for Effective Economic Crime Risk Management
The Impact of Generative AI on Non-financial Risks in FIs
The MRM Platform Dilemma: Tailored Build or Proven Buy?