As an international trade finance specialist, FIMBank p.l.c. is required to comply with regulatory requirements by submitting periodical (monthly, quarterly or annually) financial reports to its regulators The Malta Financial Services Authority (MFSA) and The Central Bank of Malta (CBM). When reporting was done manually, it was time-consuming and resource intensive. The bank needed a solution that would allow it to reduce the time it took to prepare and verify the supervisory and prudential returns. By implementing BRSANALYTICS, the bank was able to achieve its goals and more.
FIMBank p.l.c. is a credit institution licensed in Malta and provides a whole range of trade finance solutions, including structured trade finance, forfaiting and factoring. The Bank is a public limited company and listed on the Malta Stock Exchange. The FIMBank Group operates through a wide network of offices, subsidiaries, joint ventures and associate companies that are spread across different geographical areas. One of its goals is to provide innovative and tailor-made trade financial solutions to its customers in more than 50 countries across four continents.
As with any banking institution, FIMBank p.l.c. is subject to financial regulation by supervisory bodies. This requires FIMBank p.l.c. to submit periodical financial reports to regulators. In practice, this means collating all relevant data, verifying information, entering it in predetermined reporting templates and then submitting it to the regulators.
This task was very time-consuming and required a lot of resources from the Finance team. “In the past, the reporting process was done manually. Because of this, there was the likelihood that our regulatory reports were not accurate and prone to errors. We also had no significant audit trails. It was up to the individual team members to collate and verify the information. Another major issue for us is that reporting follows a tight 15-day window following the reporting day. Because we used to spend most of our time manually aggregating the relevant information, we had very little time left to verify the data,” says Gilbert Coleiro, First Vice President at the bank.
“This means that we had to regularly follow up with our regulators as we didn’t have enough time to deliver quality reports. This situation was not ideal because we pride ourselves in the quality of our work and that all information submitted by the bank ought to be of a high quality,” he adds emphatically. Management took a bold decision to upgrade to an automated regulatory reporting system since this function was taking up too much time of the Finance team as well as affecting the quality of the bank’s deliverables to the regulator.