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July | 2014
Over the last six years or so banking, financial services, and insurance (BFSI) firms have redoubled focus on RFC technology, data management, flexible IT architecture and accuracy of reports. So far, at large multi-national BFSI firms, the RFC function was local within a country, or within a regulatory jurisdiction, or for a legal entity or within a business unit. Post the financial crisis, regulators have been building an eco-system to:
At a company level, all this requires standardization, simplification, configurability, automation and near real time measurement and reporting of risk, finance and compliance metrics. This necessitates consolidation of applications and enforcement of data quality and data governance.
To support these initiatives, regulators have issued (BCBS 239/ Model Validation/ Report accuracy) guidelines to improve data quality and build data aggregation capabilities. Non-compliance with data quality and IT related requirements will now attract supervisory penalties, additional capital and supervisory actions. Regulators are now insisting BFSI firms not only achieve the required level of data quality and IT, but also continuously monitor and measure the same.
To meet these requirements, BFSI firms are taking the following actions:
All these actions are dramatically changing the RFC technology at BFSI firms. The changes go way beyond technology into the realm of business process, cost structures, efficiencies, team size and team spread. In the coming weeks we will discuss impact on each of these.
I’d like to hear the changes you are seeing in RFC technology at BFSI firms. Please share them as comments below.
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