£4.5bn
Regulatory compliance costs UK banks up to £4.5bn a year.
Use case
Digital regulatory reporting
Regulatory reporting is the backbone of compliance. By digitising and improving access to data for regulators and internal reporting, organisations can automate the process of delivering data using pre-agreed mechanisms that remove human error and help move towards a standardised approach to reporting.
92%
92% of businesses say they will lose revenue if regulators do not adapt so they can innovate.
Challenges
A complex issue
Today’s technology, coupled with the relevant regulation and operational systems that contain data, make it very challenging to achieve fully automated digital regulatory reporting.
Organisational struggles
A data-pull approach is required to truly transform data collection but multiple building blocks must be present for this to be implemented, including data models and data standards.
Stakeholder agreement
One of the biggest hurdles standing in the way of a simplified regulatory engine being deployed is the human one. Getting stakeholder agreement on a governance structure is complex and challenging.
How AIRtech® helps
Automating submissions
Data is extracted directly and communicated to regulators using pre-agreed, automated governance mechanisms.
Machines that know the rules
Our AIR Tools understand and interpret rules for better reporting. They simplify the process of adapting to changes in regulation through an arsenal of tools including digitised rulebooks
Standards as standard
Through digitising regulations, the AIR Platform provides a single version of truth upon which a governance structure can be built.
‘The International Data Corporation (IDC) predicts that the amount of data in the world will grow from 33 ZB in 2019 to 175ZB by 2025.’
Gartner
Discover more use cases
Reduce costs
Cut out the costs of accessing and storing data by creating a shortcut to value.
Increase revenue
With a shortcut to value, you can deploy new products and services faster but with the same data-driven foundations.
Mitigate risk
Remove risk inhibitors to realise the value of data faster.