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Austrian Banking Sector Benefits from Effective Compliance Programs
The Austrian banking sector has made significant strides in implementing effective compliance programs, thanks in part to innovative solutions provided by Regnology GMP. This comprehensive platform serves as a central interface between supervised banks and the Austrian National Bank (OeNB), streamlining regulatory reporting processes.
Joint Platform Brings Cost Savings and Efficiency
The joint platform and shared services developed by OeNB and Austrian banks have resulted in cost savings and more efficient regulatory processes for all parties involved. By leveraging a common data model and central platform, unified, consistent data and aligned, homogeneous processes are facilitated, enabling banks to focus on core activities.
Benefits of the Joint Platform
- Cost savings through shared services
- Efficient regulatory processes
- Unified, consistent data and aligned, homogeneous processes
Regnology GMP: A Comprehensive Solution
Regnology GMP is designed to cover national and international regulatory and statistical reporting requirements for Austrian banks. This innovative approach to data management and regulatory maintenance has enabled Austrian banks to be well-prepared for future regulatory changes, ensuring compliance with evolving standards.
Key Features of Regnology GMP
- Status Monitor/Dashboard for process control
- Powerful analysis capabilities
- Configurable lists
- Flexible pivot views
- Several consolidation options
- Extensive automation up to report creation
Regulatory Reporting Made Easier
Banks can deliver all relevant reporting data at the granular level through standardized data sets or data cubes, leveraging a common data model. Alongside cube-based reports, Regnology GMP also facilitates the generation of traditional template-based reports, such as FinRep and various national reports.
Benefits of Regulatory Reporting with Regnology GMP
- Efficient delivery of reporting data
- Unified, consistent data and aligned, homogeneous processes
- Extensive automation up to report creation
Regnology FiRE: A Proven Solution for Regulatory Reporting
Regnology FiRE is an established software used by approximately 230 banks in Switzerland, Liechtenstein, and The Bahamas. This tried-and-tested solution has been successfully used for reporting to the Swiss National Bank (SNB), the Swiss Financial Market Supervisory Authority (FINMA), and the Liechtenstein Financial Market Authority (FMA).
Benefits of Regnology FiRE
- Regular updates covering established and new legal updates, rules, and regulations
- Standardized interfaces facilitating implementation and maintenance
- Reduced costs through reuse of data for different reports
Key Takeaways
The implementation of effective compliance programs by Austrian banks has been instrumental in ensuring a smooth regulatory reporting process. Regnology GMP and Regnology FiRE have played a crucial role in this effort, providing innovative solutions that cater to the evolving needs of the banking sector.
Key Benefits
- Cost savings through shared services and joint platform
- Efficient regulatory processes
- Unified, consistent data and aligned, homogeneous processes
- Extensive automation up to report creation
- Generation of traditional template-based reports