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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