BearingPoint RegTech offers with the international RegTech Factory a digital, fully integrated and automated "reporting factory", which aims  to achieve significant economies of scale for participating banks and financial service providers.

The regulatory costs for banks are enormous. Low interest rate environment, digitalization and new competitors put massive pressure on the revenues in the financial sector. At the same time, financial service providers are confronted with further increasing regulatory requirements from supervisors in Europe. Therefore, banks must consider completely new cooperation and industrialization models. Standardization, industrialization and automation are logical ways of exploiting economies of scale across borders. With the RegTech Factory, BearingPoint RegTech is breaking new ground in Europe and significantly expanding the scope of action for banks. By working closely with regulators and supervisors in building the RegTech Factory offering, we also help to increase the efficiency of regulatory reporting while improving the quality of data and processes for the supervisory authorities.

BearingPoint RegTech is already the leading provider of regulatory reporting services in the DACH region and has been serving banks, insurers and asset managers, who have outsourced this critical area as a so-called "managed service", for 15 years. The company currently has around 70 managed services customers. Managed service can increase cost efficiencies to a certain extent. More options offer more comprehensive solutions such as the Austrian reporting factory AuRep or UKRep for Great Britain. In particular, the experience in the areas of technology, economic efficiency and governance gained from the AuRep project, which in many countries is now regarded as a pioneer of innovative approaches to regulatory reporting, has been incorporated into the development of the RegTech Factory.

However, the RegTech Factory is about much more than mere cost savings or the realization of other benefits compared to the existing managed service model. By setting up an automated reporting factory with standardized processes, the quality of regulatory reporting can be significantly improved across the industry, thus significantly benefitting both the supervisory authority and the supervised institution. It also makes a major contribution to harmonization and transparency.

As a general rule, banks can concentrate on their core business as a result of the outsourcing; BearingPoint RegTech not only develops and implements the software, but also operates it.

 

 

What benefits do you get from the RegTech Factory?

What the RegTech Factory offers you

  • An integrated, standardized, digital "factory" for regulatory reporting across jurisdictions
  • Intermediary between reporting institutions (banks, FinTechs, insurance companies) and supervisory authorities
  • Software and operation from one source by BearingPoint RegTech
  • Standardized data model, which - despite existing national differences - can cover the requirements of all regulators throughout Europe
  • Standardized processing logic
  • Simplified operation
  • Automated maintenance
  • Scalability for institutions of all sizes
  • Software specially developed for regulatory reporting
  • Cloud capability
  • Development of standard interfaces to core banking systems
  • Joint regulatory impact analyses

Our RegTech Factory services include:

  • Infrastructure services
    • Provision of a certified data center with the corresponding security technology
    • Provision of infrastructure (hardware, system software)
    • Installation and configuration of the system components
    • System administration/data-base administration
  • Application management
    • Provision / installation of the software modules
    • Setup of test and production systems
    • Release Management
    • User Management
    • User Help Desk: 1st, 2nd, 3rd level support
    • Technical documentation
  • Reporting process support

    Processes in the environment:

    • Data delivery
    • Processing
    • Report creation

    Permanent processes:

    • Monitoring online processing/system performance
    • Inspection of error lists
    • Feedback reading and analysis
    • Master data maintenance
    • Creation of standard reports
  • Economies of share
    • Support for the development of governance structures
    • Shared use of IT resources
    • Rewarding collaboration models
    • Promotion of de facto standard setting
  • Basis for BPO solutions
    • Standardized delivery and processing procedures allowing for business process outsourcing (BPO)
    • Access to an ecosystem of partners for additional services
    • Joint regulatory impact analysis

    Here you can find further information about business process outsourcing in regulatory reporting.

Case Studies: AuRep and UKRep

Case Studies: AuRep and UKRep

AuRep and UKRep are good examples of a RegTech where use of technology allows for reducing the burdens for the financial industry.

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With the RegTech Factory, we are effectively setting a new market standard. Financial institutions can particularly benefit from our extensive regulatory experience and our good cooperation with regulators and supervisors. Our goal is to ensure that the RegTech Factory not only meets the expectations of the reporting institutions, but also those of supervisory authorities. With our solutions, we want to contribute to global financial stability.

Dr. Maciej Piechocki, member of the BearingPoint RegTech Management Board

With our RegTech Factory offering, we provide the necessary infrastructure, applications and services to jointly operate the regulatory reporting system. We observe that the RegTech Factory is a strong business case for our customers and we would like to encourage them to realize the "economies of share".

Moritz Plenk, Head of RegTech Factory, BearingPoint RegTech

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