Mandatory HKMA regulatory reporting requirements are getting tougher with tighter deadlines and greater granularity of reports. Timely completion is an increasing challenge due to the volume of data and the need to run complex sets of interlinked finance systems, combined with manual adjustments and complex approval processes. These features also create substantial operational risk.
The way forward is to systematize and automate more procedures using new technologies, with the end goal of building a much more automated reporting process. In this paper, we describe the key underlying challenges, including the recent shortening of reporting deadlines and the increased scope of reporting, before presenting a use case with Xceptor, a no-code data automation platform that empowers financial institutions to build automated processes that deliver trusted data.
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