Statistical Reporting by Financial Institutions
Improving Data Quality, The Way Forward
With the objective of monitoring national economic performance and social development, BNM collects, interprets and disseminates latest and real time statistics. For that, Financial Instituitions are required to submit various information on regular basis.
BNM's publication on monthly monetary and banking developments contain reports on the monetary, banking, liquidity, capital market and macroeconomic situations. In the Quarterly Economic Bulletin, the report covers the international economic environment and Malaysian economy with major indicators such as annual change in GDP and monetary aggregates. A variety of guidelines were issued to strengthen the data collection activities to support these publications.
In 2016, Bank Negara Malaysia issued a circular on review of statistical reports submitted to Jabatan Perkhidmatan Statistik ("JPS") to all banks in Malaysia. The review span across multiple departments which involve more than 56 types of different statistical report submitted to BNM.
In this publication, we are presenting to you on our point of view from the review of 7 banks in Malaysia and our value proposition in addressing some of the key challenges faced by the banks.
We believe the way forward in the regulatory reporting space lies with the use of Robotic Process Automation ("RPA") and Cognitive Intelligence ("CI") to meet regulatory requirements in a more efficient manner.