MAS 610 AND 1003

The Monetary Authority of Singapore (MAS), Singapore’s central bank and integrated financial regulator that regulates financial institutions in the banking, capital markets, insurance and payments sectors, recently released new standards: Notice 610 for all banks in Singapore (except merchant banks) and Notice 1003 which covers merchant banks, will soon be operational in Singapore.

THE MONETARY AUTHORITY OF SINGAPORE NOTICES 610/1003

The reporting requirements of MAS 610/1003 will see reporting obligations grow from 4,000 data points to more than 300,000 across 260 pages in 67 reports. A challenge that in many ways dwarfs both MiFID II and the Dodd-Frank Act. However, Solidatus offers the potential to turn this regulatory requirement into an operational asset.

REGULATORY REPORTING OF DATA ATTRIBUTES: WHY USE DATA LINEAGE?

These reporting requirements cross multiple business units, demand meticulous execution and could consume significant resources to ensure all reporting is accurate. While the regulations themselves do not have explicit lineage requirements, reporting and record-keeping best practice, in addition to generating efficiencies and consistency within the report, does.

LINEAGE REQUIREMENTS

Audit Control

The ability to demonstrate lineage and transparency helps to optimise audit processes
Solidatus can highlight where source systems are not mapped and where processes can be simplified. The mapping evolves as a living document of the regulatory lineage implementation, supporting both compliance audits and engineering projects.

Control and Consistency

Data lineage demonstrates control and consistency – particularly where the same elemnt is reported across multiple annexes
The collaborative design of Solidatus enables an organisation to quickly and easily identify any gaps in trade reporting and validate attribute mappings at a logical and physical level.

GAP ANALYSIS

A typical approach to analysis duplicates effort across the various workstreams, leading to inconsistencies
Solidatus can model data attributes of the different annexes to identify similarities and differences across the reporting requirements and to map the implementation of MAS 610 and 1003 reports all the way from the golden source systems.

SOLIDATUS FOR MAS 610/1003 MAPPING

Solidatus allows an organisation to map the MAS 610/1003 regulatory requirements onto their reporting implementation and to easily visualise and understand the flow, usage and intended usage of data across complex processes spanning reference data systems, trading systems and reporting systems.

VISUALISATION OF CHANGE

Solidatus’ powerful visualisation allows the delta of change to be transparent from both a regulatory and organisational data and process perspective. The comprehensive audit functionality enables the capture of the reasons why changes were made and by whom, ensuring MAS 610 and 1003 compliance.

IMPACT ANALYSIS

Solidatus enables impact analysis to be performed ahead of change to understand the effect on data consumers and regulators. Additionally, should regulations change then the delta of change can be mapped, providing the ability to tailor amendments to regulatory change rather than recreating the entire report.

DATA SOURCE CATALOG

Solidatus allows for the creation of a repository of reportable sources that can then be leveraged globally across an organisation to ensure consistency locally, regionally and globally. Should regulation change locally then the delta of change can be mapped generating significant efficiencies in compliance with new standards.

STANDARDISATION

Solidatus enables firms to address the challenges of creating a common taxonomy. The repository can be shared with other jurisdictions experiencing regulatory change. It can then be used to simplify the creation of the new report in that jurisdiction, enabling new regulations to be ingested piecemeal, which once completed will remain current and simplify any future changes still further.

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KEY BENEFITS

Build effective controls around both process and data.
Demonstrate transparency and optimal compliance to the regulators.
Generate an operational data blueprint that can help reduce risk around system transformation.
Encourage company-wide collaboration.
Achieve a competitive advantage around areas such as data analytics and generate efficiencies to broader system transformation.
Interrogate additional models to find solutions to similar problems elsewhere within an organisation.
Assist in good data governance practice, with the potential to expand models to managing user entitlements and data retention policies.

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