MAS 610/1003 solution

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Overview

The MAS 610/1003 is the core balance sheet return for the MAS reporting regime. The magnitude of the return spans over 340,000 data points and across different departments such as Finance, Risk, Operations, Legal & Compliance just to name a few. It takes a significant amount of resources and effort to produce each month, requiring a remarkable amount of rigor and analysis to get correct.

The key feature of AxiomSL’s MAS610/1003 solution is that it leverages on an industry-defined Open Taxonomy which streamlines financial institutions’ (FIs) compliance efforts – better structure and automation, reducing change management resulting in quicker responses to regulatory changes. This industry-led taxonomy comprises of data relationships from over 300,000 different data points. The Open Taxonomy was defined by a group of two D-SIBs (Domestic Systemically Important Authorized Institutions), seven international banks including four G-SIBs (Global Systemically Important Banks), PwC Singapore and BR-AG.

It supports MAS validation rules as defined by MAS in the submission PDFs, as well as generation of MASNET ready XFDF submission files.

The solution can be delivered in one of two ways: either as an On-premise or Software-as-a-Service (SaaS) model. It is able to seamlessly integrate with the FIs’ operating model – encompassing all aspects of Reporting, Analysis and Controls. AxiomSL’s single strategic platform means that the same architecture can also be used for all other regulatory requirements, greatly reducing operational risks and costs as well as the complexity of compliance.

Key Features

  • Access to standardised industry-defined Open Taxonomy to ease reporting burden by alleviating interpretation related errors
  • Natively integrated with the MAS 610 Open Taxonomy – map your data directly to the industry defined taxonomy instead of an arbitrary data model
  • Business Rules framework to enable configurable enrichment of source data into MAS 610/1003 reporting format allowing for extensibility and scalability
  • Robust big data management with extensive data validations and reconciliations
  • Data archiving, versioning and transparency with configurable taxonomies
  • Award winning enterprise regulatory reporting software that is platform agnostic with the ability to integrate raw data from disparate sources
  • Meta driven solution with full data lineage from source systems through to reporting, allowing for full audit trail and transparency from data loading to electronic submission
  • Configurable maker-checker based MAS 610/1003 reporting and submission process with full audit trails
  • Dashboard capability providing a quick overview of key MAS 610/1003 reporting metrics and status
  • Provides comprehensive traceability/lineage on how the data flows upstream and downstream

Key Benefits

  • Industry defined Taxonomy assures FIs that interpretations of regulations and treatment of data will be consistent with the majority in the industry
  • Shortened and more efficient reporting cycle
  • Increased efficiency of the decision-making process
  • Increase business user enablement and reduced burden on it and users
  • Flexible, on-demand Management Information System (MIS) reporting
  • Improved productivity by up to 75%

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