Expleo has recently been shortlisted in the RegTech Insight Awards 2019 as a leading provider of technology solutions for regulatory compliance. Our data experts have developed a new tool – the Data Feed inspection Tool (DFiT) – to improve the reliability of the data that banks send to regulators and reduce the time spent correcting errors.
To comply with European regulations such as MiFID II and EMIR, banks now have to manage increasingly large and complex sets of data from a wide variety of sources. As an example, under the AnaCredit scheme introduced in September 2018, banks have to report every individual loan they issue in the euro area to the European Central Bank (ECB). The ECB has shared a checklist of more than 2000 checkpoints to validate before each quarterly submission.
Expleo’s solution helps clients by measuring and reporting on compliance data quality, in order to identify and remediate inconsistencies before submission. DFiT for AnaCredit is built on Talend Data Management platform, as a ready to use solution. It translates the various rules laid down by the regulator into clear jobs, which run through the data sets to identify inconsistencies. These jobs can include file formats, date format, decimal places, ISO/ISIN format conformity, consistency of data between different data sets, validity of identifiers and so on. DFiT as a framework can be extended to validate other regulatory reporting feeds as well and it can be configured in any data management platform.
Expleo’s expertise in end-to-end quality management is coupled with its understanding of bank’s regulatory requirements, built on long-term client relationships. We put this knowledge at use to provide the right implementation approach, to successfully address the needs of regulations that require periodic reporting of data feeds.