Financial Institutions are frequently faced with new regulations requiring new reporting of their transactions, assets, liabilities, etc. In one case, our customer had to comply with quarterly reporting that requires them to gather data from dozens of diverse sources, process currency conversions, apply complex data conversion rules, and produce reports for their financial statements, for Regulators and for the Bank of Canada.
It originally took them two weeks to prepare the report each time. FreeSight was brought in to automate the process and increase the accuracy of the reports. Now, with the click of a button, multiple source data files are imported, integrated and normalized. Rules are applied, and all of the reports are prepared in minutes – allowing time to review the results, not just prepare the report.