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The Challenge
KFH RegReporting Case Study
Although the face of modern banking has rapidly evolved over the last decade, the compliance & regulatory mechanisms relied on by global financial institutions have largely remained stagnant. Some of the largest financial institutions still rely on legacy systems & cumbersome manual processes to access datasets, gather, and analyze data from multiple sources and curate regulatory reports for submission to oversight and regulatory authorities. As expected, these legacy systems are time-consuming and labor intensive to operate, and the generated reports are highly inaccurate, making way for non-compliance fines from regulatory bodies and additional hours spent in correcting them. This is evident in the fact that financial institutions, on average, spend $30.9 million every year on compliance costs alone, as per a report by Globalscape.In line with KFH-Bahrain‘s history of being early adopters of modern technology and setting precedent across the region, the Bank wanted to redefne its regulatory compliance system by adopting a modern, intuitive, and automated regulatory reporting platform. The intention was to streamline the Bank’s regulatory reporting process, increase its efficiency, cut down on compliance costs, and, most importantly, ensure holistic compliance with the directives of the Central Bank of Bahrain.
“It’s been a pleasure working with the Codebase Technologies team in automating our compliance processes through Digibanc. The KFH RegReporting solution that the team has implemented for us has saved us hours of manual processing time and lowered our cost of reporting.” – Yusuf Al Hammadi, Executive Manager, Head of Financial Control & Administration, KFH-Bahrain.
The Solution
The Codebase Technologies team worked closely with key KFH-Bahrain technical and finance teams to seamlessly integrate multiple data sources into the solution through a next generation data quality framework and ensure streamlined backend processing of the Bank’s data which directly contributed to reduced manual effort from staff and accelerated turnaround time. Using APIs and Digibanc’s open architecture the Bank was able to swiftly deploy its KFH RegReporting solution and could save on expensive infrastructure and IT upgrades through plug-and-play integration with the Bank’s existing systems and processes.
Impact
The KFH RegReporting solution was implemented, configured, and launched in under 2 months taking advantage of ready-made reporting components and enables the Bank to connect and gather data from multiple data sources instantly, reducing the incidence of human error; saving the bank time and money. This reduced overhead & higher efficiency dramatically improved the institution’s response time to dynamic regulatory changes.Together with Codebase Technologies, KFH-Bahrain was able to deploy the GCC’s first fully automated regulatory reporting platform and strengthen its position as a leader in regulatory reporting standards across the region with an optimized, cutting-edge, and automated solution that is engineered to meet the regulatory and compliance requirements of today and tomorrow.
