CHALLENGE
A local foreign owned Financial Institution with conventional and Islamic banking licenses was facing challenges in getting support from its incumbent vendor. Faced with increasing queries on its data quality issues and further additional requirements of the Malaysian regulator, the bank made the decision to a new provider.
SOLUTION
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A guided extract, transform and load (ETL) for end-to-end source to destination processing.
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Comprehensive data validation with workflow for immediate data correction.
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Audit trails for effective historical data movement by user and system.
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Auto-generation of mandatory justification reporting on data changes.
IMPACT
Achieved full compliance with the Statutory Reporting Enforcement Framework (SREF) pursuant to requirement under the Financial Services Act 2013 and Islamic Financial Services Act for Banks to submit an accurate and complete document or customer information to the regulator.
