London, 18 November 2015 – The RBS Regulatory Change Management Solution developed by GFT has been recognised as the industry’s best regulatory solution at the 2015 Banking Technology Awards. These prestigious awards recognise excellence in the use of IT to solve the complex challenges facing the financial services industry.
The Regulatory Change Management Solution was selected as the winning entry in the category of ‘Best Use of IT for the purposes of risk / regulatory‘. This category was praised as ‘the most significant award of the evening' due to the importance and difficulty that all banks are facing in this important areas. Working as part of the Trade and Transaction Reporting department of the bank, GFT specialists developed a solution that enabled RBS to take a holistic view of its regulatory reporting requirements across the entire organisation. The platform is unique in that it enables RBS to monitor both its current and future reporting obligations whilst providing auditable traceability between each regulatory change and the business requirements drafted to meet them.
Using the Regulatory Change Management Solution, RBS change programmes and controllers can confidently spot, know, assess, address and consolidate every new piece of relevant regulation. Importantly, data quality is now front and centre of the agenda with the Chief Data Office and Assurance functions aligned on both targets and priorities.
Matt Cossor, CIB CDO at RBS said: “This is a great example of where institutions and vendors can work together providing true thought leadership and collaboration to address gaps in the market which affect us all. We should encourage much more of the same to deliver cost effective solutions to industry wide challenges.”
Gareth Richardson, Managing Director at GFT UK said: “We are delighted to have been chosen by the client to deliver this project from amongst a very competitive field. Our experienced team of regulatory specialists have established the tooling, operating model and governance to provide a complete ‘end-to-end’ solution to the complex regulatory control challenges faced by the financial community, in a world of continual regulatory change that is commonly recognised as the New Normal.”
The GFT solution leverages the GFT Architecture Visualiser (GAV) tool to analyse the impact of regulatory change on the bank’s operating model, system stack, processes and functions. The solution also includes a number of alert functions and a workflow which is embedded in the dashboard that enables RBS to drill down into the data to identify and deal with individual issues or explore further areas of interest.
Now in its sixteenth year, the Banking Technology Awards are a prestigious competition celebrating innovation and excellence in the use of IT within financial services. This year’s competition saw over 120 entries from around the globe and was judged by a panel of industry experts. The winners were announced at a gala dinner held at the Grand Connaught Rooms, London on 11 November 2015.