Argus Launches New Industry-Leading Regulatory and Compliance Solution on Cloud
Offering provides easy-to-use reporting tool to address significant regulatory changes occurring in Australian banking market
WHITE PLAINS, N.Y., May 21, 2018 — Argus Information & Advisory Services, a Verisk (Nasdaq:VRSK) business, has launched its state-of-the-art regulatory reporting solution in the Australian market. The cloud-based offering addresses the recent Economic and Financial Statistics (EFS) modernization and helps bring dramatic efficiency and effectiveness to the reporting processes. It also serves to meet a growing need for automation among local and foreign banks.
The Australian Prudential Regulation Authority (APRA) recently announced its first overhaul of reporting requirements since the early 2000s. Within the next two to three years, financial institutions will be expected to provide more high-quality, granular data, but by the end of 2019, institutions have to become EFS-compliant as part of a three-phase plan. Both authorised deposit-taking institutions (ADIs) and non-ADIs must follow the new reporting requirements.
The compliance process is anticipated to be daunting for banks, and they are likely to confront several new challenges. Generating new reports with detailed and granular data sets should require upgrades to both processes and technologies. Siloed data and reporting environments may be stressed and no longer able to support and future-proof against the new regulatory norms. Ensuring data quality and reconciliations will likely demand increased time and effort as regulators seek auditable contract- and transaction-level information.
Using its deep domain experience and global best practices, Argus is uniquely positioned to address these challenges with its APRA reporting solution. Argus’s proprietary data management platform helps banks manage all business configurations and report validations in line with regulatory expectations. Additionally, the universal banking data model helps generate a varied set of analysis, regulatory reporting, and management information systems (MIS) across the banking business landscape.
“In this changing financial compliance landscape, Argus is offering Australian financial institutions a next-gen RegTech solution that has already proven effective in other jurisdictions,” said Vivek Subramanyam, head of Data & Application Solutions at Argus. “Our solution is ideal to help prepare and sustain compliance for all regulatory reporting requirements.”
Argus is a leading provider of securely hosted analytical risk and compliance management solutions for financial institutions. Argus maximizes the value of data by transforming it into insightful information and analysis that assist clients in understanding their market contribution, managing and mitigating risk (default, fraud, funding, and compliance), and capitalizing on their financial objectives. Argus, a Verisk (Nasdaq:VRSK) business, is headquartered in White Plains, New York, with additional offices in Sydney, Melbourne, Auckland, Singapore, Bangalore, Dubai, London, São Paulo, and San Francisco. For more information, please visit:
Edelman (for Argus)