Key phases/activities for regulatory reporting automation project

The regulatory reporting automation project is a key transformational project for any bank and a successful implementation is essential to meet current and future regulatory requirements.  As with any transformational project, based on the bank’s specific circumstances and objectives, the approach to automation has to be customised and should be fit-for-purpose.

The key phases or activities in the automation life-cycle of a regulatory reporting project is shown in the diagram below:-

Stage 1: Project scope, plan and requirements

Stage 2 : Data management and product set-up

Stage 3: Test and go-live

^ Key responsibility - bank

* Key responsibility – bank & regulatory software provider