Financial Crime World

Here is the article rewritten in Markdown format:

Austria’s Banks Get a Boost from Innovative Regulatory Compliance Software

In a move aimed at streamlining regulatory reporting and reducing costs, Austria’s banking sector has turned to innovative software solutions. Regnology GMP, a pioneering platform, has become the backbone of the Austrian Reporting Services (AuRep), serving as a central interface between supervised banks and the Oesterreichische Nationalbank (OeNB).

Benefits for Austria’s Financial Institutions

The joint initiative, launched in 2016, has brought about significant benefits for Austria’s financial institutions. By adopting Regnology GMP, banks can now report data consistently and efficiently, eliminating the need to complete tedious templates. This innovative approach has also enabled cost-sharing of compliance and standardization of data collection.

Features and Capabilities

Regnology GMP covers national and international regulatory and statistical reporting requirements, supporting approximately 1,200 small and large reporting entities, including some of Austria’s largest banks. The platform features a range of components, including:

  • Status monitoring
  • Powerful analysis capabilities
  • Extensive automation

Regnology FiRE: A Market Leader in Regulatory Reporting

Another innovative solution in the Regnology portfolio is Regnology FiRE, which has been used by over 230 banks in Switzerland, Liechtenstein, and The Bahamas for more than 25 years. This tried-and-tested software supports entirely automated reporting to regulatory authorities, making it a market leader in regulatory reporting.

Compliance and Regulation

Regnology’s solutions are designed to facilitate compliance with national and international regulations, ensuring that financial institutions are always up-to-date with the latest legal requirements. Regular updates cover both established and new laws, rules, and regulations, while standardized interfaces reduce implementation and maintenance costs.

Data Delivery and Reporting

By leveraging Regnology’s software, Austria’s banks can deliver high-quality data at the granular level through standardized data sets, or data cubes, using a common data model. The solutions also facilitate the generation of traditional template-based reports, such as FinRep and various national reports.

Get in Touch with Our Experts

Talk to our experts today to learn more about how Regnology’s innovative regulatory compliance software can benefit your organization.