43724 The IT challenge of the Common Reporting Standard ... · of the Common Reporting Standard...
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The IT challenge of the Common Reporting Standard CASE STUDY The Common Reporting Standard (CRS), is an information standard for the automatic exchange of information, based upon the FATCA implementation agreements. The premise of the CRS agreement is to automatically share information on resident’s assets, incomes and systematically transfer all the relevant information. In May 2014, 47 different countries signed up to the agreement with a deadline of 1st Jan 2016 for early adopter countries. Like FATCA before it, this represents a large challenge for the Banking industry, but the scope is now far larger. Financial institutions will now be required to define the scope of income / transactions of taxpayer, ensure data quality and determine the IT architecture which will be required to capture, encrypt and transmit the data. Our experience Icon Solutions has a long history of providing simplified IT solutions to complex problems within financial services. Our CRS experience stems from working with our customers to tackle the challenge of new regulatory initiatives (eg. FATCA), data management and messaging. Understanding the challenges involved • Working with operations and in-country staff to define an operating model for applying tools and processes. • Understanding data residency, privacy and other national regulations. • Maintaining a consistent global data dictionary and data model. • Dealing with regional variations in capability and models. • Providing architecture and design expertise to define a new classification engine to process customers. Helping you meet CRS • We provide the link between your business leaders, programme drivers and network of internal and external suppliers to drive change. • We can help deliver CRS in a way that simplifies your architecture. • We are highly experienced at modelling and transforming customer data, and we can ensure that CRS will move you toward a better, more unified overall data architecture. • Where there are missing building blocks in your architecture, we can provide them – by augmenting your development teams or by bringing our own accelerators. Orchestration REPORTING Data Acquisition MDM Onboarding and review Complexity simplified
Transcript of 43724 The IT challenge of the Common Reporting Standard ... · of the Common Reporting Standard...
The IT challenge of the Common
Reporting Standard
CASE STUDY
The Common Reporting Standard (CRS), is an information standard for the automatic exchange of information, based upon the FATCA implementation agreements. The premise of the CRS agreement is to automatically share information on resident’s assets, incomes and systematically transfer all the relevant information. In May 2014, 47 different countries signed up to the agreement with a deadline of 1st Jan 2016 for early adopter countries.
Like FATCA before it, this represents a large challenge for the Banking industry, but the scope is now far larger. Financial institutions will now be required to defi ne the scope of income / transactions of taxpayer, ensure data quality and determine the IT architecture which will be required to capture, encrypt and transmit the data.
Our experienceIcon Solutions has a long history of providing simplifi ed IT solutions to complex problems within fi nancial services. Our CRS experience stems from working with our customers to tackle the challenge of new regulatory initiatives (eg. FATCA), data management and messaging.
Understanding the challenges involved• Working with operations and in-country staff to defi ne an operating model
for applying tools and processes.
• Understanding data residency, privacy and other national regulations.
• Maintaining a consistent global data dictionary and data model.
• Dealing with regional variations in capability and models.
• Providing architecture and design expertise to defi ne a new classifi cation engine to process customers.
Helping you meet CRS• We provide the link between
your business leaders, programme drivers and network of internal and external suppliers to drive change.
• We can help deliver CRS in a way that simplifi es your architecture.
• We are highly experienced at modelling and transforming customer data, and we can ensure that CRS will move you toward a better, more unifi ed overall data architecture.
• Where there are missing building blocks in your architecture, we can provide them – by augmenting your development teams or by bringing our own accelerators.
Orchestration REPORTINGData Acquisition
MDM
Onboardingand review
Complexity simplifi ed
CRS Case StudiesUK Retail Bank• CRS work-stream architecture and design for 2016• Evaluation of business rules engine and tools
Global Retail Banking• CRS UI Solution for onboarding going to UAT April 2015• CRS/EDD onboarding solution in progress, scheduled to deliver in 2015
Global Commercial Banking• CRS UI and Services suite in planning stage, expected to deliver initial
release in 2015
Global Banking - Customer data maintenance• Delivered comprehensive global suite of customer data business
services in 2014• Delivering a global customer data model for 2016 regulation
Could our capabilities help?We’d welcome the opportunity to share more on our capabilities and discuss how we could support your business.
Call us on 020 7147 9955 or email: [email protected] to start the discussion.
Key features of Icon’s expertise• Data Modelling: CRS project
are data centric. We can provide a Single Customer View of data across business units and regulatory compliance.
• Service Modelling: A strong service layer is vital to prevent a proliferation of point to point communications. We specify and/or implement the business service interfaces.
• Data storage: avoid the multiplication of golden sources. We are adept at moving from data modelling into implementation quickly.
• UI Design: Icon has a deep knowledge of HTML 5 user interfaces for survey-like use cases.
• Integration: Icon are experts in EAI – integration your CRS solution into business process systems, message buses and enterprise middleware.
• Design Authority: Icon have a proven track record of delivery and end to end design that provides clients with the technical blueprint for architecture.
What our engagement model means for clients:Delivery and target orientated: We are very familiar with working on regulatory/mandatory projects, where deadlines are pressured.
Knowledge Transfer: We share our knowledge and best practices through: structuring/training/mentoring offshore support teams and full documentation and collaboration of results with the client and relevant partners. Our handover strategy will be in place from day one of project.
Assurance: Change becomes more feasible and more effi cient.
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Leadership
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Technology Suppliers
The Icon Expert Services Layer
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We bridge the gap between leadership and execution by providing a full service capability:• Programme Management• Banking Domain SME
• Payments• Global Asset Servicing• Capital Markets
• Enterprise and Solution • Architecture• Specialized Technology
Expertise• Business Analysis
To fi nd out more iconsolutions.com +44 (0)20 7147 9955 [email protected]
