AnaCredit – Data remediation Activity

SUMMARY

Avantage Reply helped the regulatory reporting department of a leading private bank to review its AnaCredit reporting, improving its data quality.

The bank regularly received negative feedbacks from the monetary authority because of issues with its AnaCredit data quality. A big part of those errors kept happening in relation with static data, mostly because of incorrect or missing Balance Sheet total Amount, Turnover and Number of Employees.

The bank’s management decided to tackle this issue by reviewing all of their static data at the same time in order to be on line with the regulator’s expectations. Avantage Reply helped the bank to review its data, ensuring its accuracy and completeness, as well as helping to gather missing information.

CUSTOMER GOALS

The objective for the customer was to improve the data quality of its AnaCredit reporting and to reduce the likelihood to receive negative feedback from the regulator.

CHALLENGES

The main challenges were:

• To handle data of various quality (Parts of the data were actually “dummy values” who needed to be updated)
• To prepare an automated way to gather as much static data as possible
• To collaborate efficiently with the Front office, ensuring that they would ask the information directly to the client in a way that would allow an easy incorporation into the database

SOLUTION

Avantage Reply began its mission by:

• Reviewing the scope of the data that needed to be collected or updated
• When it became obvious that the amount of data was too big to be done 100% manually, Reply suggested to contact a data provider in order to reduce the number of errors and the workload in the future. This helped to decrease the extent of manual recollection
• Manually collecting missing data whenever it was possible
• When the data provider had no information and the manual collection of data was not possible, a document was sent to the Front Office to ask them to contact the counterparties, in order to provide us the information we needed on a best effort basis