One of your duties as CTO/CIO is developing and integrating technical solutions to complement and realise the financial vision of your organisation. The process of harmonising these two areas is made all the more cumbersome when one considers that you are dealing with many legacy systems that have developed over time using a multitude of technologies which may not always integrate easily together. Moreover the wealth of knowledge contained within the legacy systems to be extracted represents a vast volume of information which in itself takes a long time to gather and consolidate into one accessible pool of business data.
As CIO or CTO of your organisation you will be expected to ensure that your business’ plans for growth and transformation are being backed by the necessary resources. It is up to you locate market-leading suppliers for the execution of key applications and business processes and to provide your company with the assurance that your technology suppliers will continue to meet your needs as they intensify over time.
Main Challenges
The BRS team identify and strive to mitigate the added pressures associated with your role as CTO/CIO.
These challenges are mainly due to rigid regulations and strict limitations surrounding the availability of working capital. As CTO/CIO you are expected to be the driving force that ensures the different departments within your business transition smoothly into higher level performance through the technical support and expertise you provide them with.
Managing flow of data between the various cross-sections of your company and creating effective reporting systems for each of these business sectors is another demanding area in the position you hold. Moreover, you shall be expected to take on a supervisory role in expanding company operations (including driving mergers and acquisition strategy plans) and incorporating the new systems with existing legacy systems, through the cost-effective and time efficient implementation of the latest IT solutions on the market.
Protecting your company’s network from external threats also falls within the parameters of your job description and it carries considerable weight considering the sensitive nature of data produced during the gathering process.
Furthermore, management may require you establish a system for real-time processing of data for ad hoc reporting and upholding the organisations’ general regulatory reporting standards whereby it can be validated and tested from time to time for quality assurance purposes.
Overcoming the Obstacles
The BRS team seek to enhance your standardised data collection process so that the detail required for these reports is always guaranteed. We guide you in areas related to system design and implementation through the efficient assembling and managing of a single, collated data warehouse for effective, efficient regulatory, financial and MIS reporting.
BRSANALYTICS provides you with a reliable solution which allows for an overall view of regulatory reporting across multiple sections of your business and mitigates inherent risk associated with manual processes. By engaging the use of best practice data models and unique management techniques, we can effectively bridge the transition from legacy systems to advanced technologies to lending support in the successful relocation of regulatory reporting.
We pride ourselves in providing quality assurance testing frameworks for the periodic assessment of your regulatory reporting mechanism. This exercise includes outlining and constantly updating the documentation of roles and responsibilities for process and data testing with regulatory reports, clarifying the testing roles of the quality assurance functions embedded in the Internal Audit or Compliance departments and utilising data analytics to enhance the quality assurance testing approach.
Moreover we equip you with the necessary training and support in the proper use of an effective regulatory reporting solution for overall greater efficiency within your company’s operational environment.