We have been working with Banks and FIs for many years and this question constantly been asked to our consultants and sales team. It’s a million-dollar question and a key strategical decision for your successful integration of your Reg Reporting. A wrong step can be costlier and irreparable.
With our 20 plus years of experience, we will be able to navigate you to avoid the pitfalls and guide you for successful completion. Let’s discuss the common questions that come to any key decision-makers mind across this blog to walk you through and experience the differences each option offers and to be able to decide which one would be a “Best-Fit” for your organisation.
The significance that CRS has gained over few years by promoting tax transparency has made many jurisdictions adopt CRS to mobilise their tax revenues. This increase in the number of reporting Jurisdictions has certainly kept the financial institutions occupied over the last few years as there exists a huge inefficiency in handling the ever-changing regulatory requirements.
To pull back and accelerate the declined productivity the Financial Institutions desperate for an optimal CRS solution to seamlessly achieve the expected CRS Compliance mandated by HMRC with crucial strategic crossroads as Whether to Outsource, Build or Buy the best fit CRS reporting solution?
Outsourcing a right choice?
Delegating the CRS compliance activities to an external service provider may resemble to be a beneficial business strategy as it aids the financial institutions to cut off a considerable CapEx but do consider the following inevitable factors before taking a final call.
- Integrity of sensitive client data
- Flexibility in addressing the new regulatory changes
- Transparency exhibited over the ongoing compliance process
- Impact on the business environment, not adhering to the deadlines
Building In-House a wise choice?
Making a wise choice needs fact checks so does building in-house.
Building an in-house CRS reporting solution may help you exhibit full control over the project and helps you address specific needs with respect to CRS reporting, but do a lookup to evaluate the following parameters before making the buy decision.
- CapEx on the dedicated Infrastructure
- Subject matter expertise on the regulatory landscape
- Time to completion
- Optimal approach to address the actual needs
- Product support and maintenance
- Product upgrades upon regulatory changes
Buying a SaaS Solution?
The choices and their constraints might have baffled you, check this piece to unveil the blindfold.
First and foremost, the SaaS-based CRS solution bought from a third-party provider can be deployed at no time and subsequently it reduces the cost and effort involved while addressing the specific needs around CRS reporting.
The banks have the advantage of scrutinising the efficiency, compatibility, and support availability of the SaaS solution before arriving at the buy decision. Having in place a comprehensive CRS solution, the shift across CRS regulatory landscape can be handled at ease as the solution provider would hold the responsibility of upscaling the CRS reporting solution by incorporating the enhancements mandated by HMRC.
Few questions to be asked before buying an ideal CRS FACTA Reporting software:
- Whether the CRS FATCA software is built by understanding the risk and compliance eco-systems that exist across my clients and the wider market?
- How seamless the CRS reporting solution is to integrate your existing datasets with the CRS application to generate input files?
- Does the CRS reporting solution helps to achieve maximum operational efficacy by easing the data management process to ensure data integrity and CRS report accuracy?
- Whether the CRS reporting solution has a feature to generate an extensive classified audit trail with multiple validations to track and manage the deviations within the reportable data?
Conclusion – It may still be a dilemma but we will be able to assist you in making that right decision.
In our view and our experience with dozens of case studies opting to buy a SaaS-based CRS solution enables the banks to focus on their core value propositions to gain an edge over their competitors but finding the right solution from the right vendor remains to be a key success formula for the banks.
MG with its decades of experience in the RegTech space has tailored CRS Stride as a full-stack SaaS solution that automates all the phases of the CRS reporting process. Click Here to know more about how MG’s “CRS Stride” can quench your quest for an Optimal CRS solution. Try our product and services which address 360 degree of your CRS reporting obligation but you can change your mind if you feel it’s not the right fit at any point.
