At the beginning of 2022, the French Prudential Supervision and Resolution Authority, which operates under the Banque de France and is the authority responsible for monitoring banks and insurance, switched obligatory SURFI reporting to RUBA (Reporting Unifié des Banques et Assimilés) reporting.
The new RUBA framework adopted on January 31, 2022, results from a reform of an old reporting system called SURFI (Unified Financial Reporting System), which was adopted in 2010 after the famous global Subprime crisis between 2007 and 2008.
The transition from the SURFI to the RUBA framework involves impacts on each bank's activities.
Our client, a major European Bank, had to comply with the new directives of the Banque de France.
As the time constraint was important, the team in charge of this reporting had an old reflexe: use Excel. They soon were faced with challenges: how to avoid manual mistakes ? How to deal with a big volume of data, coming from 54 different sources?
Of course, Prime Analytics proposed to use Alteryx! In just 3 days of implementation:
all the requirements were implemented
the operational risk vanished
the production time was largely decreased
And most importantly: the team could now focus on the important part: analyzing, not producing.
The result is a trustworthy summary document which lists the elements of the income statement used by the Banque de France in the context of the development of interest rate statistics and the preparation of financial accounts.
The following is a visual summary of the Success Story:
Thanks Alteryx!
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