Made Future-ready regulatory reporting cloud based
- February 12, 2020
- Posted by: Aelius Venture
- Category: Cloud Consulting
Reporting requirements within the banking, financial services and insurance (BFSI) sector are continuously evolving and creating unprecedented demands on the technical and functional infrastructure of all organizations. This has demanded a paradigm shift in envisaging and creating solutions and underlying enabling technology for the BFSI sector.
The need for a replacement approach to regulatory reporting
These changing regulatory reporting environment factors will compel a change to the technology infrastructure requirements for regulatory reporting in terms of volumes to handle, low latency to finish the reporting cycle, intelligence to make sure lineage, accuracy, completeness, audit trail and semantics to support the quantum of changes within the definitions.
Reimagining regulatory reporting with cloud and microservices
Most BFSI organizations realize that the approach of moving to the cloud and adopting cloud-native domain-driven architecture supported through containerization is that the appropriate solution to satisfy regulatory demands also as achieve better customer experience. Domain-driven architecture brings the business domain, with all its demands like frequent changes, granular data and enterprise-wide scenario-based computations, to the forefront of the answer . It also provides a chance to re-architect and rebuild solutions considering the customer because the center of all requirements. this is often true for all major business domains like customer engagement, experience and onboarding, customer administration and operations, management reporting, regulatory requirements, risk management, and finance and enterprise performance management.
Agile and domain-driven regulatory reporting
An overall transformation is achievable by creating a domain-driven microservices architecture for various business requirements independently as specific instances. This architecture are often supported the business requirements’ dependence on various functional domains from the front , mid office, rear and databases wherever feasible, and containerize an equivalent . it’s also important to make a group of common services to support the domain-based microservices. this may help avoid duplicating major enabling-functionalities like data input, extraction, validation and calculations and at an equivalent time, keep it nimble to associate appropriate computing resources. These instances are often leveraged to extend and reduce the computing capacity as demanded by the domain, supported the amount end /monthly/daily peaks and troughs, which may be dynamically adjusted to form the optimal use of cloud resources.
The ever-changing business and regulatory environment with demands for extra data and reporting requirements are often supported by a domain-based microservices architecture on the cloud leveraging its flexible infrastructure support, open source technology and style for giant data