Safarisoft RegTech Services
Banking - Mombasa, Mombasa County, Kenya
Safarisoft RegTech Services Employees
Safarisoft RegTech Services Details
A report by one of the big 4 audit firms in the year 2016 points out that regulatory reports extraction in banks is still manual worldwide. There is manual extraction of reports from banks' systems, manual verification, manual report adjustments, manual approvals and manual reconciliations. This takes time and is prone to errors. The same report says regulators are expressing particular concerns about the lack of progress in eliminating manual processes and reconciliations by banks.Regulatory Technology comes in to look at these processes with a view to automating the same. Automating means coming up with a robust system for generating regulatory returns as required by the prudential guidelines by the regulators. Banks are currently still doing automation on excel sheets and the time it takes to run and generate returns using the same is more than the time that would be used if the same reports were to be generated manually. So the staff in such institutions prefer to generate the returns manually to save on time.Safarisoft Regtech Services is not an IT expert company. Safarisoft Regtech Services is a Regulatory Reporting Think tank in Kenya composed of former regulatory reporting managers. We come in to act as a link between the IT experts who have/want to develop a Regulatory Technology software system out there in the industry and the banks that require automation. Currently there are 32 regulatory returns in Kenya required from banks to the regulator every month and yet the extraction is manual.31 of these needs to reconcile to other returns and the approvals done in the system for future audit trails. Safarisoft will also look at the prudential guidelines related to each return and point it out to the IT experts. So if you are looking forward or have a plan to develop a Regulatory return generation system,contact Safarisoft for requirements on the same.
