Case Study
Automated regulatory reporting solution for an international banking corporation
Digital & Automation | Banks | London
The Background
- Banks are required to report on all open products and positions which contain LIBOR options
- This required report is a regulatory requirement set by the PRA and is to be recreated every six months with updated source datasets to show progress and downward trends in open positions
- NextWave was engaged by a major bank's change team to assist with developing and implementing the automated reporting workflow
The Challenge
- Previously, the report process has been undertaken manually and demanded a team of two workers and up to 4 weeks to complete
- The data originated from many different sources of varying sizes and was presented in multiple different formats, often with very little to link related datasets to one another
- The required solution had to be end-user-friendly and forward-facing in such a way that it could be reused by other arms of the business for various rate option reports, internally and externally
- The potential impacts of an incorrect PRA submission required rigorous testing
The Approach
- Early engagement with key stakeholders to dissect the original manual process to varying levels of accuracy, which was then converted to an Alteryx solution
- Daily meetings with main stakeholder and assigned Business Analyst to report on progress and discuss project progression, including any suggested changes to improve overall process
- Communication with various other departments within the business to source data where required
- A full end-to-end solution, including data validation, preparation, and fully-customised output was devised, along with customised error messaging and audit trails for complete regulatory transparency
- Multiple workflows devised for the testing of the output data, including outliers, with comprehensive and clear analysis presentation
- Full Alteryx workflow documentation to ensure that the process could be taken over by the business
The Impact
- Successful report submission to the PRA ahead of schedule
- Previous 4-week process reduced to a 5 minute run time, allowing report to be run more frequently to drive business, and extended to non-regulatory internal reporting
- Immediate extension of use to alternative data sources and rates for another area of the business
- Presented demonstrations to wider business teams surrounding the success of the project
- Positive feedback from main stakeholder regarding the solution and its delivery
- Creation of automated audit and error logs to provide complete transparency for regulatory purposes, and to highlight issues within previous manual process
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