“Regulatory reporting and beyond”: Round-table organized by BearingPoint and ABeam Consulting took place in Singapore

On 23rd March 2017, BearingPoint hosted a round-table at the Fullerton Hotel, Singapore, to introduce the new integrated reporting and risk management platform, Abacus360 Banking, to Singaporean banks. Together with ABeam Consulting, BearingPoint’s alliance partner in the APAC region, the alliance invited bank representatives to examine the challenges of increasing regulatory reporting requirements and the ways of reducing related operational costs. The objective of the round-table was to investigate ways to relieve the burden weighing on financial institutions through sharing the alliance’s industry expertise on the regulatory environment, and to recommend pragmatic solutions to cope with the challenges of increased reporting requirements.

The meeting was opened with welcome notes from Dirk Jaensch, Partner at BearingPoint, Singapore, and Masayuki Otomo, Partner at ABeam Consulting, Singapore, each giving an introduction to BearingPoint’s, and Abeam’s Consulting presence and experience in the APAC region.

The BearingPoint-ABeam alliance understands the needs and pain points of Singaporean banks which are facing a tremendous burden and stress from onerous reporting requirements and particularly, the Proposed Revisions to MAS Notices 610/1003. This was aptly addressed by Iris Koh, Senior Manager, ABeam Consulting. Iris has more than 15 years of experience in regulatory reporting in international banks and specializes in MAS regulatory reporting. Iris made a number of focused recommendations which banks can adopt to have a smooth implementation of Revisions to MAS Notices 610/1003.

After lunch, Anne Leslie-Bini, Director at BearingPoint, shared a global regulatory outlook, and gave breadth to the contents by placing RegTech in a broader social and economic context. She stressed the the importance of adopting a holistic view on the topic in order to envisage longer-term benefits and positive outcomes that go beyond the immediate considerations of reducing cost and friction for stakeholders in the regulatory value chain.

Anne also presented the concept of SINRep – a regulatory factory for financial institutions in Singapore. The concept is based on the success story of an existing regulatory factory in Austria, where the central bank Oesterreichische Nationalbank (OeNB), together with more than 800 local banks, and BearingPoint as solution provider, have implemented a new reporting model including an innovative outsourcing approach. This “regulatory factory” reporting model could point the way to the future of regulatory reporting, and it has garnered great interest from other countries.

Last but not least, Dr. Maciej Piechocki, Partner at BearingPoint, presented BearingPoint’s leading edge RegTech reporting solution, Abacus360 Banking. This innovative solution has been developed to optimize performance, achieve scalability and streamline processes. Abacus360 Banking solution has an embedded Regulatory Management component to help banks to simulate “what if” scenarios, and an Analytics component to give insightful analysis for internal reporting besides meaningful external reporting. Maciej also introduced the concept of managed services, where banks can leverage a common reporting solution’s infrastructure to save on IT-costs. This was a novelty to the Singaporean banks, who found the idea refreshing and interesting and expressed an interest to explore the area in more depth.

In the engaging panel discussion which followed the presentations, all representatives from the banks gave positive feedback on the relevance of the contents presented as well as the professional delivery. The immediate feedback from the participants was very positive. They appreciated the detailed information and felt more prepared for the upcoming challenges.

For more information please contact:

Dirk Jaensch

BearingPoint Consulting Pte. Ltd.

31 Pekin Street #03-01
Singapore 048761

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