Offers a cost efficient and highly agile approach to help banks comply with the revised MAS Notices
Offers a cost efficient to help banks comply with the revised MAS Notices
The rapidly evolving regulatory landscape has put challenges on banks to keep up with the changing demands around compliance. Banks will have to increase the granularity and frequency of reporting, and reframe up to 340,000 individual data points, compared to the 4,000+ currently.
KPMG’s Regulatory Integrated Solution (KRIS) is introduced to offer a cost efficient and highly agile approach to help banks address these changes as well as to comply with the revised MAS Notices, such as 610/1003.
As a holistic solution, it also alleviates banks’ efforts to keep up with regulatory knowledge while maintaining the quality and accuracy of the data produced and manage the surmounting costs of compliance.
At this initial stage, KRIS addresses the banks’ immediate concerns by providing regulatory reporting, technology and operation support. This can be extended to support other MAS returns too.
|Typical Regulatory Reporting Process by Bank||How KRIS works|
In a nutshell, the banks that subscribe to KRIS will only need to conduct final validation/review of the returns prior to submission to MAS.
KPMG professionals work closely with regulators in Singapore and other jurisdictions on guidelines around transaction risk monitoring, cyber security, and outsourcing requirements. Our strategic alliances with leading technology partners enable us to deliver a secure cloud-based Infrastructure as a Service (IaaS) solution which is built on Lombard Risk AgileREPORTER®, a proven regulatory reporting engine.
Download our brochure or contact us for more information or a live demo.