Help financial institutions automate while meeting their reporting obligations
KPMG in Singapore and Lombard Risk, the dedicated global provider of regulatory reporting and collateral management solutions, have today announced the launch of the KPMG Regulatory Integrated Solution (KRIS) through a strategic alliance, to help financial institutions automate and fulfil mandatory regulatory reporting obligations in an agile, accurate and cost-efficient manner.
KRIS is a cloud-based regulatory technology (RegTech) offering between the two organizations, powered by Lombard Risk AgileREPORTER®, the strategic regulatory reporting solution trusted by over 200 financial institutions globally. KRIS is designed for banks seeking an end-to-end reporting solution which can help save as much as 50% of their time in complying with the relevant regulatory returns prescribed by the Monetary Authority of Singapore (MAS), including the new MAS Notices 610/1003 (“Notices”). The Notices mandate banks to collect, prepare and report significant amounts of data, which put a further burden on banks’ resources and budgets.
By combining KPMG’s expertise in regulatory reporting requirements across multiple jurisdictions and Lombard Risk’s proprietary technology solution, KRIS has the ability to source and extract data from multiple sources, transform, integrate and map the data before generating and validating reports, and finally, making the reports visible to the banks for review before submission to the regulators. Banks that subscribe to KRIS will only need to review and conduct final approval of the reports, and submit them to the MAS. Any regulatory change will also be managed by KRIS.
Currently, KRIS will focus on providing regulatory reporting and technology support for a majority of the Singapore regulatory returns which banks and financial institutions have to submit to the MAS. In line with MAS’ requirement that all new regulatory returns submitted must be in machine-readable format from 1 April 2018, KRIS is built with this requirement in mind, and has the ability to support both existing and future regulatory returns submission in the required format.
Gary Chia, Head of Financial Services Regulatory and Compliance, said: “The rapidly evolving regulatory landscape has put time, cost and administrative challenges on banks to keep up with the changing demands around compliance. Our strategic alliance with Lombard Risk enables us to offer organizations a secure, automated and agile RegTech solution that significantly reduces the cost and effort needed to meet regulatory reporting obligations. KRIS is our response to both the regulators’ and banks’ push to digital solutions that enable them to meet the increasing demands and challenges they face. Building on KPMG’s strong track record in supporting the financial services industry for regulatory reporting, we are confident that KRIS is the next-generation, end-to-end RegTech solution that institutions look towards to better manage risks and generate more value from their data.”
Joseph Kubeyka, General Manager, Asia Pacific, Lombard Risk, said: “With Lombard Risk’s three decades of technology, regulatory and financial services experience, our Singapore and global teams are excited to deliver this integrated RegTech solution with KPMG – to automate and alleviate time and effort from banks’ data compliance requirements. Banks have been sequentially hit with operational, business model and reporting demands around capital, liquidity, leverage, stress testing, disclosures and governance, contributing to the significant uplift in frequency and nature of reporting over the past 10 years, alongside the sharpening of regulatory focus on governance. These all add hugely to the compliance bill. Banks and regulators all over the world are looking at the reinvention that is happening. We are delighted to be part of that innovation.”