Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Tuesday, 22 May 2018, 08:00 HKT/SGT
Share:
    

Source: Verisk Analytics, Inc.
Argus Launches New Industry-Leading Regulatory and Compliance Solution on Cloud
Offering provides easy-to-use reporting tool to address significant regulatory changes occurring in Australian banking market

White Plains, N.Y., May 22, 2018 - (ACN Newswire) - Argus Information & Advisory Services, a Verisk (Nasdaq:VRSK) business, has launched its state-of-the-art regulatory reporting solution in the Australian market. The cloud-based offering addresses the recent Economic and Financial Statistics (EFS) modernization and helps bring dramatic efficiency and effectiveness to the reporting processes. It also serves to meet a growing need for automation among local and foreign banks.

The Australian Prudential Regulation Authority (APRA) recently announced its first overhaul of reporting requirements since the early 2000s. Within the next two to three years, financial institutions will be expected to provide more high-quality, granular data, but by the end of 2019, institutions have to become EFS-compliant as part of a three-phase plan. Both authorised deposit-taking institutions (ADIs) and non-ADIs must follow the new reporting requirements.

The compliance process is anticipated to be daunting for banks, and they are likely to confront several new challenges. Generating new reports with detailed and granular data sets should require upgrades to both processes and technologies. Siloed data and reporting environments may be stressed and no longer able to support and future-proof against the new regulatory norms. Ensuring data quality and reconciliations will likely demand increased time and effort as regulators seek auditable contract- and transaction-level information.

Using its deep domain experience and global best practices, Argus is uniquely positioned to address these challenges with its APRA reporting solution. Argus's proprietary data management platform helps banks manage all business configurations and report validations in line with regulatory expectations. Additionally, the universal banking data model helps generate a varied set of analysis, regulatory reporting, and management information systems (MIS) across the banking business landscape.

"In this changing financial compliance landscape, Argus is offering Australian financial institutions a next-gen RegTech solution that has already proven effective in other jurisdictions," said Vivek Subramanyam, head of Data & Application Solutions at Argus. "Our solution is ideal to help prepare and sustain compliance for all regulatory reporting requirements."

About Argus

Argus is a leading provider of securely hosted analytical risk and compliance management solutions for financial institutions. Argus maximizes the value of data by transforming it into insightful information and analysis that assist clients in understanding their market contribution, managing and mitigating risk (default, fraud, funding, and compliance), and capitalizing on their financial objectives. Argus, a Verisk (Nasdaq:VRSK) business, is headquartered in White Plains, New York, with additional offices in Sydney, Melbourne, Auckland, Singapore, Bangalore, Dubai, London, Sao Paulo, and San Francisco. For more information, please visit:
www.arguscloud.com
www.argusinformation.com

Contact:
Giuseppe Barone/Erin Bzymek
MWWPR (for Argus)
201-507-9500
gbarone@mww.com
ebzymek@mww.com

###

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Verisk Analytics Inc. via Globenewswire


May 22, 2018 08:00 HKT/SGT
Topic: Press release summary

http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



Verisk Analytics, Inc.
June 4, 2019 22:00 HKT/SGT
Verisk Financial Helps Neobank Xinja Ensure APRA Compliance
Mar 20, 2019 08:00 HKT/SGT
Verisk Joins Effort to Fight Patent Trolls
Feb 26, 2019 09:00 HKT/SGT
Verisk and SAP Announce Strategic Partnership to Reimagine Product Compliance
Jan 8, 2019 23:00 HKT/SGT
Verisk Launches Black Box 3
Dec 3, 2018 20:30 HKT/SGT
Verisk to Acquire Rulebook
Sept 11, 2018 21:45 HKT/SGT
PCS Launches Global Cyber Industry Loss Index
June 21, 2018 19:30 HKT/SGT
Verisk Acquires Validus-IVC
Apr 17, 2018 20:30 HKT/SGT
Hyundai Joins the Verisk Data Exchange
Feb 2, 2018 07:30 HKT/SGT
Verisk to Announce Fiscal Fourth-Quarter and Full-Year 2017 Results on February 20, 2018
Dec 7, 2017 07:00 HKT/SGT
Verisk to Discuss Revenue Growth Drivers and Strong Capital Allocation Track Record at Investor Day on Thursday, December 7, 2017, in New York City
More news >>
 News Alerts
Copyright © 2019 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: