Singapore/Hong Kong, 14 November 2019 – Acies has won an Outstanding Project award for its work on a leading bank’s Data Management Framework in the 2nd Regulation Asia Awards for Excellence 2019 at a ceremony in Singapore on 13 November 2019.
The multinational consulting and solutions firm headquartered in India was recognised for its unique approach with Axis Bank, which engaged Acies to design an automation-led operating model and architecture for centralised regulatory reporting.
Acies put together a multi-disciplinary team of regulatory reporting, data management and technology specialists who worked across more than 27 departments at Axis Bank on what turned out to be a large-scale transformation project that ran for several months. The first phase of the project was focused on defining reporting metrics and taxonomies, including to institute a data governance framework, data quality checks and mechanisms for data flow between systems.
A key achievement of the first phase was the 10,000+ cross-return reconciliation rules that Acies determined could be applied to ensure consistency across 65,000+ reporting metrics and 245+ regulatory returns. This work was crucial to the next phase of the project, which will involve centralising and automating the regulatory reporting process.
A main factor for the judges’ selection was the breadth of Acies’ service capabilities, and its ability to support its client in the different phases of the implementation, and in the “specific areas where its specialist expertise was needed most”.
“Creating a data framework is often the most difficult part of establishing a regulatory reporting process. The work Acies has done to advance the RBI initiative will likely have positive repercussions across the banking sector in the years to come,” one judge said.
About the Regulation Asia Awards for Excellence 2019
Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, our audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing us to play a key role in the regulatory agenda.
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