Wouter Delbaere

A survey conducted by Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has pointed out that the majority of the active Singaporean banks, i.e., 76% of the banks surveyed, are still in the data gap analysis stage of preparing for upcoming regulations MAS 610/ 1003.

The MAS 610 is the core set of reporting requirements within Singapore’s financial services space and contains the balance sheet and off-balance sheet information of banks and their underlying details. MAS 610 applies to all banks in Singapore, including foreign-owned entities. Banks incorporated in Singapore need to submit information at both individual and group level and report separately for their Singapore operations, overseas bank subsidiaries and overseas bank.

2% of the banks surveyed have either gone live or are in the User Acceptance Testing stage of their preparation, 16% of the banks were reported to be in the data loading/ Extract Transform Load creation stage and 4% in the process of setting up a solution.

“In line with global norms, regulators in APAC are placing greater emphasis on the qualitative aspect of report automation. It is no longer sufficient to just have the right answer; banks must also explain how the answer was derived. Financial institutions need to demonstrate the quality of data and are increasingly discouraged from using manual processes in regulatory reporting and other important business functions,” noted Wouter Delbaere, Singapore-based Director of Regulatory Reporting, APAC, for Wolters Kluwer FRR.

Delbaere highlighted that firms need to consider solutions which will assist them in limiting their exposure to regulatory changes. Automatic updates to data requirements and out of the box business logic based on any changes to regulatory calculations, forms, validation rules and delivery can help firms in meeting their regulatory obligations at all times.

by Megha Bhattacharya
Market Analyst at IBS Intelligence