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A Large International Bank – SARS Solution

Published • 21 January 2016

Banking

Synthesis assisted a large international bank in bringing their SARS reporting up to date.

The Challenge

When we were approached to implement an IT3B solution, the reporting was out of date and the data was problematic. This potentially meant serious fines, and a 90% failure rate if they were to submit.

Data was sourced from a wide range of sources, some legacy and some proprietary, which further compromised the quality.

The Solution

Our solution enabled us to extract data from the various source systems, perform a validation, collate the data and give detailed reports regarding the data quality.

This process enabled the data to be fixed at the source. While we did design the capability to fix data during the process, we believe in addressing any data changes at source.

The Results

As a result, our client was able to report efficiently and correctly for the first time. While the initial process and data clean-up took some time, subsequent reports are now generated in a much quicker time frame. This translates into a reduced risk for fines, reduced reputational risk and a reduced need for resources to collate data.

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