Monetary Authority of Singapore (MAS) 610

Provides end-to-end automated MAS 610/1003 solution leveraging an Open Taxonomy for MAS 610 Compliance developed by an industry consortium


Overview


Device Frame
340,000 Data Points

In March 2018, the Monetary Authority of Singapore (MAS) announced revised standards on data collection requirements for MAS 610/1003 ― its core balance-sheet monthly regulatory return.

  • MAS set a tight 24-month implementation timeframe. In 2020, financial institutions must submit returns for both the current and revised MAS 610 during a six-month parallel reporting phase

  • The number of data points financial institutions are required to report jumped 8,000 percent, from about 4,000 to more than 340,000 across 67 reports

Questions to Consider

  • How can we manage the various types of required data (financial, non-financial, risk, operations, transactional, etc.) that emanate from multiple sources?
  • Are we on track to collect and categorize all the required new datapoints?
  • Have we successfully mapped all 340,000 datapoints?

  • How can we be confident in the accuracy and quality of the data we are sending for the revised MAS 610?
  • Do we have the resources we need to accomplish UAT in advance of the parallel run deadline?
  • Is our approach aligned with industry best practices for MAS 610 compliance?

MAS 610/1003 Requirements and Challenges

Solution

Features

End-to-end automated MAS 610/1003 solution running on ControllerView®, AxiomSL’s data integrity and control platform.

  • Leverages an Open Taxonomy for MAS 610 Compliance developed by an industry consortium in which AxiomSL was a leading a participant
  • Seamlessly ingests data from across the enterprise

  • Deploys on AxiomSL’s secure RegCloud® Platform as a Service (PaaS) offering, or on premises
  • Supports MAS validation rules and generation of DCG-ready XML submission files

Device Frame

How A Consortium Created the MAS 610 Open Taxonomy

AxiomSL’s MAS 610/1003 Solution

Leverages an open data structure streamlining FIs compliance efforts – better structure and automation, reducing change management resulting in quicker responses to MAS 610/1003 regulatory changes.

AxiomSL’s MAS 610/1003 Solution

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AxiomSL Credited for Outstanding Collaboration on MAS 610 Open Taxonomy

Benefits

Leverages an Open Taxonomy for MAS 610 Compliance enabling FIs to achieve operational efficiencies and high-quality data consistent with industry norms

With RegCloud deployment, alleviates the burden of procuring and operating the complex, hardware and software infrastructure required for reporting

Fully managed solution delivers economies of scale, information consistency, and operational transparency

Taps AxiomSL’s deep subject-matter expertise resulting from its leaderful role in the industry-led consortium that created and launched an Open Taxonomy for MAS 610 Compliance

Deploys on AxiomSL’s secure RegCloud or on premises providing an end-to-end solution for MAS 610 compliance

Enables FIs to use the same source data for management information strategy and business reporting

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