Is your data as good as how it should be? Are your SCV output files fully compliant with FSCS standards?
In today’s world with rapidly changing scenarios within the finance marketplace sway regulatory, technological, and environmental reroutes. Henceforth, banks and other financial institutions find it tough to enhance the existing data by adding more relevant and exclusive information as per FSCS Regulatory Compliance guidelines. Regulators mandated to improve transparency in reporting to meet the goals of better and accurate data. Banks prefer to collect only the most significant pieces of information to keep their database concise and to maintain system performance.
Here is a case study stating how our FSCS SCV Audit & Automation Regulatory Compliance solution helps banks to identify and fill the gaps in their current data model to enrich the customer data for FSCS Regulatory Compliance standards.
Customer information is often inaccurate and hard to normalise as it internally aggregates and populating the database with incomplete data sets which will certainly be a challenge. The constant mutated Regulatory Compliance requirements imposed on banks and other financial institutions have become more stringent and makes it difficult for organisations to comply regulatory reporting with augmented data within simplified technological changes.
Our SMEs and business professionals conducted an operational and business readiness assessment to understand the current organizational data model and identified that there is a long leap between regulatory expectations and the current actual data within the CBS and other Staging Areas.
We recommended important and mandatory attributes for FSCS SCV reporting and add the data points to serve the purpose by filling in the gaps to enrich the data with adequate or accurate information. Our “SCV Forza – FSCS SCV Automation Platform” and “SCV Alliance – FSCS SCV Audit Platform” resolved the challenges and bottlenecks by filling in the missing attributes for the conventional outcome in order to enrich the data to comply with FSCS standards.
Data enrichment service helped our client to get refined quality data sets with below leading advantages:
Complete, valid, consistent, and accurate data. Enhanced the quality and richness of the data.
Comply with FSCS Regulatory reporting rulebook.
Improve productivity and reduce turnaround.
Generating insight from refined raw data and make it actionable.
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