Frequent regulatory guidance changes for multiple regulatory regimes, sometimes only published shortly before their deadlines, require financial institutions to regularly build and adapt compliance solutions in order to stay compliant, requiring significant ongoing cost and effort. The Adastra Integrated Compliance Platform (ICP) provides an efficient and unique solution to these challenges.
Adastra ICP ingests, processes, and maintains data common to multiple regulatory regimes in a single repository, significantly reducing the costs of data processing compared to traditional reporting solutions. What's more, by re-engineering and consolidating parallel regulatory reporting processes, Adastra ICP reduces response times and the demands on your resources when subsequent changes are issued.
Adastra’s Integrated Compliance Platform supports reporting for the following regulatory regimes:
- RDARR (BCBS 239)
Adastra ICP is built on Ataccama’s award-winning Data Quality and Master Data Management software, recognized on both of Gartner’s DQ and MDM Magic Quadrants. Deployed by over 200 active customers, Ataccama provides Adastra ICP with its powerful data management capabilities by consolidating, standardizing and de-duplicating data from numerous source systems to build the ICP’s validated repository for accurate regulatory reporting. Based on our financial services expertise, Adastra has developed formalized and automated reporting requirements and plugged them into Ataccama’s powerful Business Rules Engine. In addition, the ICP’s Reference Data Management functionality enables simple management of account types, legal entities (e.g., sponsoring vs. reporting GIINs), jurisdictions, regulatory regimes, IGAs, and currency conversion.
Because it’s modular, Adastra ICP lets our clients select the regulatory regimes and/or functionalities they need. The functional modules include:
- Data Acquisition & Preprocessing (including validations)
- Core Processing (e.g. account review)
- Account, Transaction and Data Monitoring
Beyond regulatory reporting, the ICP also provides additional opportunities to rationalize systems and workflows and achieve synergies between compliance operations and analytics by offering additional modules, including: