KPMG Singapore and Lombard Risk have launched KPMG Regulatory Integrated Solution (KRIS) to help financial institutions automate and fulfil mandatory regulatory reporting obligations.
KRIS is a cloud-based regulatory reporting solution which aims to save up to 50% of the time needed for banks to become compliant with relevant regulatory returns prescribed by the Monetary Authority of Singapore (MAS). This includes the new MAS Notices 610/1003 (Notices) which mandate banks to collect, prepare and report significant amounts of data.
KRIS sources and extracts data from multiple sources, which it then transforms, integrates and maps before generating and validating reports. It then makes the reports visible to the banks for review before submission to the regulators.
Banks that use KRIS only need to review and conduct final approval of the reports, and submit them to the MAS.
KPMG Singapore head of financial services regulatory and compliance Gary Chia commented: “ KRIS is our response to both the regulators’ and banks’ push to digital solutions that enable them to meet the increasing demands and challenges they face.”
By Joe Pickard
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