Scalable for banks and organisations of all sizes, WIRES regulatory reporting software caters for all electronically submitted regulatory returns.
REGULATORY REPORTING OVERVIEW
The financial services sector has been subjected to many changes in recent times, and the ability to meet future regulatory requests at short notice is critical. The high flexibility of Whistlebrook’s Regulatory Reporting application (WIRES®) has been achieved through a data driven design, as such WIRES® is a highly configurable solution, making regulatory reporting as simple and straightforward as possible.
WIRES® is scalable to meet the reporting requirements of banks and organisations of all sizes and recognised by both the Financial Conduct Authority and The Bank of England as a means of electronically submitting regulatory returns. The system is available to run in house or on the cloud and in three versions:
- WIRES – Manual data entry
- WIRES XL – Data imports from supplied Excel templates
- WIRES Plus – Fully automated population from source systems
REGULATORY REPORTING CHALLENGES
The process of regulatory reporting is, in no uncertain terms, a significant challenge for banks and other financial services providers.
- How do you collate and accurately enter your data?
- How do you ensure your data passes validation checks?
- How can you track and control of who is doing what in the system?
- How do you securely transmit your data to the regulators in the correct format?
With many years of experience in regulatory reporting, Whistlebrook has developed a system that addresses all of these challenges and with a wealth of other features, WIRES makes regulatory reporting a far simpler task than it might be.
- Bank of England
Regardless of which version of WIRES® our customer opts for, there are many benefits to be gained from the system. With our wealth of experience in this area, we have developed a system rich in features, each designed to make the process of regulatory reporting as straightforward as possible.
- Fully configurable workflow to ensure segregation of duties
- Comprehensive audit trail at cell and form level
- Full regulator validation checks prior to submission
- Direct system to system transmission of returns
- Variety of email notifications
- Optional automated completion of forms
- Integration with existing systems
- All electronically submitted forms are supported
- Trend and variance analysis
From the very start WIRES® was designed as a full regulatory reporting system. It caters for every regulatory submission that can be submitted to GABRIEL or OSCA. This includes COREP, FINREP and FCA reporting.
With it’s comprehensive functionality WIRES® is being successfully used by a wide range of organisaions; from small stock brokering firms to 2 out of the top 3 building societies and banks of various sizes.
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