In 2016, the bank undertook a project to innovate and modernise its existing collection and reporting processes to deliver better quality data. As part of this ambitious plan for reform of the financial services sector, BDCB required a competitive, robust regulatory system. 

The challenge

BDCB knew its plans for reform depended on supporting its maturing financial services market. It had identified investment technology and a state-of-the-art regulatory system as key parts of its goals. After a competitive tendering process, BDCB selected Vizor as a strategic partner, being the lowest risk and highest value option available on the market.

There were five main areas of focus:

  • Data Collection – Data was collected and stored in disparate systems, mainly processed manually with no automated checks and validation rules in place.
  • Data Submission – Manual re-submission (copy and paste) of submitted data by the Bank´s analysts. This was an extremely lengthy and manual process, subject to human errors and data corruption.
  • Data Quality – Poor quality and flawed data was collected due to manual data transfer and human error. These were non-granular data points with a very low value for decision-makers.
  • Data Analysis and Reporting – Functionalities were limited to excel reporting features. Low-quality data couldn´t provide real-time insights and be used for predictive analysis.
  • Internal Processes –Six internal units were working in silos, with almost no communication and low visibility of data across different departments. Time and resources were wasted on copy and pasting data, instead of the analysis of collected data.

The bank said at the time of the partnership, “in line with the goals of BDCB's Financial Sector Blueprint 2016-2025 (FSBP) which among others are to sustain monetary and financial stability; and to develop robust and modern infrastructure, the CSS (internal name for the Vizor solution) will enhance the monitoring and supervision function through effectively identifying inherent risks as a next-generation platform.”

The solution

Over a nine-month period, BDCB implemented an integrated solution for regulatory returns and analytics, named internally as CSS.

In total, the solution was delivered across six internal units within BDCB, collecting data for around 100 regulated entities. The implementation was conducted by a dedicated core team of experienced specialists and subject matter experts, ensuring an extremely efficient, low-risk project.

With the implementation of the new solution, there was a move away from manual processes and intervention. It eliminated the need for BDCB Analysts to copy and paste data across workbooks. Instead, all submitted data automatically gets stored, making it ready for analysis, reporting and forecasting.

With the new system, data validation checks are automatically triggered. Notifications are distributed automatically throughout the lifecycle of the returns for submissions, approvals, and rejections. All data is stored in a central database for robust reporting.

The results

Increase in quality of data
The robust platform was designed and engineered to meet BDCB’s requirements and the continuously changing financial services industry. The new solution immediately improved the quality of data collected as well as collaboration across the units, with all data collections consolidated in one centralised place.

Improved quality, consistency, reliability and integrity of data submitted to and published by BDCB used for extensive analysis and proactive engagement with the market. It enabled the timeliness of data.

Saving on time and cost
Significant savings in costs and time spent on data submissions, saving 64 days per year (of manual copy/paste work), allowing analysts to focus their efforts and time on what really matters – analysis and insightful reporting.

In-depth reporting capabilities
Providing all units with insightful surveillance reports immediately based on collected data, along with business intelligence reports from the Vizor data warehouse. This enables them to identify outliers, trends and risks in real-time.

Better supervision
Enhanced monitoring and supervision function, with enriched granular data sets, on both a standalone and consolidated basis enables the Bank to quickly identify inherent risks within the financial system to proactively determine supervisory, regulatory and policy decisions.

Benefits for reporting entities
Not only is BDCB benefitting from our solution, but so are the reporting entities. They can now populate Excel templates and upload the data to the system with automatic notifications on any failures and warnings. All submitted data is now automatically validated and checked to ensure it is adequate. By automating the reporting process, the Central Bank decreases the human interaction (and errors) with the submitted data, enabling more efficient and effective supervision.

The story continues

With the initial implementation, our relationship with BDCB expanded. They now have an upgraded system in place, covering licensing and regulatory transactions. It enables them to streamline authorisations while maintaining accurate master data. 

The impact of these implementations goes beyond saving time and increasing efficiency. The modern, flexible and future-proof regulatory system contributes to the development and sustainability of the financial eco-system in Brunei Darussalam. It also helps with reshaping the financial sector workforce, adding highly-skilled, productive and talented professionals.  

Find out how banks and supervisory authorities rely on us to streamline data collection. Request a demo now.

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