IDS Solution for Regulatory Reporting
Simplify compliance and elevate reporting with IDS Consulting's RRS!
Why we developed this solution
Having in mind the regulatory reporting experience from the last 18 years, IDS Consulting team has developed an application that empowers business teams to effortlessly Validate, Correct, Approve, Audit, Historise, Maintain & Retain data prepared for statutory reporting as well as generate regulatory reports in expected format.
It is now easier to meet compliance reporting requirements and focus on what truly matters while using RRS as:
- There is no need to add additional overhead with understanding an external data mart model but rather add configuration layer to internal marts or sources
- We aimed to ensure fast adaptability of application to business changes via configurable metadata layer (less application development more focus on business processes or validation, correction and generation of report)
- You can add via configuration validation rules, correction interfaces, adjust output
- You can validate and deliver automatically reports on the authority platform
Experience a simplified, efficient approach to regulatory reporting with RRS.
How can we help you?
Unlike conventional methods, RRS streamlines the data preparation process, eliminating the need for additional semantic layers. It seamlessly integrates with existing data dictionaries and enterprise data warehouses, ensuring efficient reporting and does not rely on a fixed data model. RRS guarantees audited checks and corrections, maintaining the highest standards of accuracy and compliance. Business owners can autonomously operate iteratively all needed steps at application level, ensuring swift and accurate report delivery.
RRS covers the following modules:
- Data Correction: Visualize, Filter & Correct available data for a certain reporting date. Data correction can be performed either manually or by bulk file upload.
- Business Validation Rules: Configure & Create business validation rules for report or correction interfaces
- Reports Generation: Generate & download configured reports for a certain reporting date, visualize report generation events: filter, check status, audit parameters
- Automatic Report Delivery & Electronic Signature: Integration with regulatory authorities platforms and automatic submission of reports (e.g. ANAF, BNR, others)
- Events Monitoring & Notifications: Visualize & filter all events that were executed in the application, along with log information
- Data Deletion & Retention: Initiate Deletion Events in line with GDPR Rules; Visualize & filter deletion events, status, audit parameters.
Key Features
- Data Correction
- Business Validation Rules
- Reports Generation
- Automatic Report Delivery & Electronic Signature
- Events Monitoring & Notifications
- Data Deletion & Retention
Benefits
COMPLIANCE
Avoid fines from control authorities, by covering compliance reporting needs
TRACEABILITY
Auditability of corrections, users, logs
FAST ERROR IDENTIFICATION
Easily adjust / load gaps / correct errors identified in the reporting system during validation process and submit for reporting
SPEED
Cut out costs from slow and costly IT vendors and implement a configurable regulatory reporting system, while focusing on business process.
INTUITIVE
You don’t need application development skills to add or change correction interfaces, validation rules or change report output
Key Technical Details
Flexibility
The application can integrate with minimum efforts, being designed to be compatible with a wide range of databases, being able to be easily implemented on any modern RDBMS system.
Easy to scale
Application is developed in Java & Spring Boot and easily integrates with your database
Metadata Driven
Most functions of the application are metadata driven – changes in configuration can be made via SQL DML operations, without requiring changes in code.
Integration
Improved experience by automating the reports delivery to authorities by reusing the APIs published or by generating various different output formats
Simplified User management
User access can be managed exclusively by their Active Directory group membership, making it seamless for new or leaving team members
Automation
Automatic reporting and integration with regulatory organizations to comply to the new legislation
Electronic signature
Embedded electronic signature to make you ready for the new legislation requirements.
