To adhere to regulatory and financial laws, companies in the financial industry are obliged to provide a variety of reports for regulatory and financial management purposes.
The typical reporting process involves:
- Retrieving data from multiple sources
- Classifying information at different levels
- Providing reports to the end user
The large amounts of data required for reporting can be time-consuming and strenuous on valuable company resources. So our client required a solution to their reporting process from a company that could demonstrate a sound understanding of the financial industry and the nature of the data required for reporting, as well as the technical expertise to create customised reporting solutions quickly, easily and accurately.
Since out-of-the-box solutions are seldom available (and the few that are very rarely solve all the problems associated with reporting), the best approach was to customise the reporting solution to add the maximum business value.
Step 1: Analysis
We decided not to do all the analysis up-front, but rather break the challenge into multiple smaller problems that could then be analysed individually.
Due to our background in the financial industry, we had the expertise to determine what outputs the system had to provide. We figured out what reports were needed and what data was required for these reports. We then tracked down where to find this data and consolidated the different sources into a single data stream.
Step 2: Building the ETL processes
ETL (Extract, Transform, Load) refers to a process in database usage that extracts data from outside sources, transforms it to fit operational needs, and then loads it into the end target.
So after the required data was retrieved from the different sources and transformed (so that it can all work together), we loaded all the data into a reporting area from where users could run reports.
Step 3: Building the report processes
We built specific customised reports that users could run on-demand from a web front-end. These reports can be automatically generated and distributed to a configured set of users. We also built customised processes to allow for the authorisation of report data, if required.
The circumstances of the financial industry are ever-changing. So, as well as recouping on time-intensive tasks, the new reporting system affords the client the ability to adapt their reporting system to any future regulatory or business requirements.
Ultimately, our approach encouraged user involvement throughout. This resulted in a tailored solution that added measureable business value for the duration of the process. Our on-going analysis ensured that problems were broken into multiple smaller tasks, which could then be easily solved. This means that our client got better results, quicker and to their exact specifications.