The client serves overseas banking requirements of its parent and Asian customers doing business around the world. It has a mixture of direct & indirect settlement arrangements and needed to understand the implications of BCBS 248 on its reporting obligations. It turned to Intraday Insights for help with this challenge based on our insight and tools in this area.
The Bank knew at the outset that it was under-prepared to meet BCBS regulatory and reporting requirements and needed a process to rapidly raise the importance of this issue and secure buy-in for action from key stakeholders. Amongst key issues the Bank new it needed to start collecting time-stamped data and focus upon the top 5% of payments by value.
After validating the branch’s regulatory obligations with a suitable legal opinion, the Bank has now created a small Task Force to:
“The stakeholder workshop facilitated by Ashley Dowson of TSCL was particularly valuable in highlighting and raising awareness on the critical regulatory reporting requirements. As a consequence it was much easier to persuade senior stakeholders to give priority to the actions necessary to rapidly move to a position where the branch has a concerted plan to meet its regulatory obligations under BCBC 248 “