FINANCIAL REGULATION
Financial Supervision Platform for Regulators
Today's financial regulators are under tremendous pressure across three dimensions: the pace of change, the ever-increasing dynamics of risk, and limited resources to respond. Regulators are looking for new pathways to efficient and effective financial regulation with an enhanced Financial Supervision Platform.
Fortunately, technology has come a long way in the past 15 years enabling financial supervisors to collect and mine clean and pre-validated data; delivering proactive real-time analytics on the collected data with little to no manual intervention. Gone are the days of collecting printouts and PDFs only to eyeball them or transcribe them into Excel in order to perform accurate analysis a month or two later.
Canada's SQL Power Group is at the forefront of innovation, and the move toward full automation of oversight functions through an integrated Financial Supervision Platform. SQL Power’s multilingual, e-commerce, and esignature-ready data collection and analytics solution can be configured to automate all regulatory oversight functions; providing regulated entities with a single web portal for all their interactions with their financial regulator including all registration/license applications, financial returns, and requests each tailored with its own unique workflow.
This will not only make it more convenient for regulated entities to interact with their regulator at any time and from anywhere alleviating stress, line-ups, and traffic congestion; but it will also allow regulators to be more efficient in replacing expensive administrative resources with software and expensive buildings with servers and laptops.
These efficiency gains position the regulator to continually increase the regulatory effectiveness of financial supervision through the fast implementation of new supervisory requirements and immediate access to drill into the numbers behind early warnings of risk.
Traditional System Development/ Implementation (SDLC)
vs
SQL Power's System Implementation Approach (SDLC)
1.
Gather customer requirements.
2.
Choose a pre-built solution and customize it to meet stated requirements or custom develop a homegrown solution that meets the desired requirements
Configure the SupTech Hub to deliver customers' exact online forms and business processes.
3.
Customizing a proven pre-built solution to meet the customer's requirements can be very expensive and time-consuming; while custom-developing a home-grown solution is risky, can take several years to develop, and is difficult to support.
The low-code/no-code SupTech Hub allows for effortless configuration using an intuitive Designer facility and provides the ability to easily meet the clients' exact business requirements.
4.
Typical solutions (whether purchased or custom developed) are code-based; with hundreds of thousands of lines of code to support and maintain - making future enhancements time consuming and difficult.
The SupTech Hub is configured to deliver customers' desired future state of online forms and business processes. Changes are made in a GUI Designer facility in minutes not days.
5.
Purchased or home-grown solutions require extensive time and resources to integrate with existing legacy systems often resulting in them being used as standalone applications creating data silos.
SQL Power's Integration Hub allows for seamless integration with existing legacy systems, collecting and consolidating data from various sources into one centralized web portal - providing a consolidated view of all information irrespective of where this information originated and providing the client with a 360-degree view of every organization or person of interest.
6.
Traditional solutions (where purchased or custom developed) usually do not come with an enterprise analytics platform; requiring a Data Warehouse to integrate all clients legacy data and the newly purchased/ developed solutions' data.
SQL Power's Financial Supervision platform comes bundled with an Analytics Data Mart that dynamically evolves with every legacy system integration and every data collection change made in Designer.
7.
Typical Data Warehouses that integrate with all client's legacy data, as well as the newly purchased/ developed solution's data, usually take many years to build.
SupTech Hub collected data along with integrations with existing legacy systems provide clients with an Instant Data Warehouse for all their KPIs and Enterprise Reporting needs.
8.
Project implementation of the newly purchased/ custom-developed solution may take between 1.5 to 2 years to develop and/ or customize.
The entire SQL Power solution is configured to the customers exact needs and delivered to the UAT environment in less than 6 months.
9.
Customer feedback and change requests take weeks/ months to implement creating a backlog of software change requests.
SQL Power's Designer facility allows users to make (and test) changes in minutes/ hours, instead of weeks/ months.
10.
Obtain customer sign-off and roll-out to production.
11.
Traditional solutions require scarce tech resources to continuously support and maintain the newly implemented system making it difficult to react to changes to policies and legislation in a timely fashion - rendering the custom solution obsolete within 7 - 10 years.
SQL Power's easy-to-use drag & drop Designer facility gives clients complete control over the solution allowing them to quickly react to changes in policies or legislation in hours/ days. Effectively future-proofing the entire implementation for decades to come.
An Efficient and Effective Financial Supervision Platform
Resources are the greatest constraint as financial supervisors look to respond to the pace of change and dynamics of risk.
The first resource is budget: most regulators are funded through a combination of government and administrative fees. This funding is always limited and must be invested efficiently to maximize the return.
The second resource is people: good people are a regulator's most valuable resource, but they must be set up to succeed; unfortunately, the efforts of many of these people are wasted in low-value manual tasks due to the limitations of the third resource.
The third resource is technology: well-deployed technology should create productivity gains by relieving the people resource from mundane, low-value data entry tasks and allowing them to focus on high-value actions that recognize and address risk-filled situations and behaviors.
For many regulators, their technology works against them, not for them. Legacy systems require intense effort from internal teams to adapt to new requirements if adaptation is even possible. Workflows are dominated by manual intervention steps which compromise the return on the people investment and increase pressure on the budget. Or new solutions built on old technology infrastructures where modern system advantages like XBRL are non-native "plug-ins" to help get something old to work with something new.
SupTech Hub is a native XBRL solution that allows for fast deployment, rapid adaptation, and automation of collection and analysis to free the people resource to focus on high-value work.
The SupTech Hub implementation of an effective Financial Supervision Platform creates a pathway to efficient and effective financial regulation that will allow regulators to keep up with the pace of change and respond to the ever-increasing dynamics of risk.
Want to learn how SQL Power can help your financial regulatory organization be future-ready?