Darlington Building Society enhances regulatory reporting capabilities with Suade's intelligent data driven platform
Darlington Building Society is the most recent Building Society to select Suade as its technology partner for risk and regulatory reporting.
LONDON, May 31, 2022 /PRNewswire/ — Suade, a globally recognised leader in risk and regulatory technology, today announced its partnership with Darlington Building Society, to manage their end-to-end regulatory reporting process by responding quickly and efficiently to regulatory changes while delivering data harmonisation, transparency, performance, and advanced analytics.
Suade harnesses the power of its unique Financial Regulatory open-source data standard (FIRE) in combination with an intelligent, transparent and data-driven platform, to streamline reporting. Combining data standardisation with Natural Language Processing (NLP) and Machine Learning (ML) to automate report generation and regulatory maintenance has distinguished Suade as the leader in transforming the industry’s approach to regulatory compliance. As a result, Suade demystifies the complexity of the regulatory environment and enables financial institutions to manage intricate risks calculations, meet time sensitive requirements, achieve ratio objectives, and derive business insights while insulating their processes from regulatory change.
Regulators are making pivotal decisions as they navigate these unprecedented times and financial firms need to adapt quickly to comply and withstand audits successfully. To this end, Darlington has been focused on digital transformation projects across the society. The team’s key technical criteria for regulatory reporting included having an interoperable and reliable cloud structure, which aligns with Suade’s secure API architecture and ISO 27001 Certification. On the business side, reducing key-person dependency and enabling teams to focus on more strategic priorities was essential for Darlington Building Society. Suade’s end-to-end automation process linked with a high-performance computing ecosystem, enables clients to transparently aggregate disparate data and produce accurate reports five to ten times faster.
“It is essential to stay on top of multiple regulatory requirements and reporting needs, especially in today’s volatile environment” said Christopher White, CFO at Darlington Building Society. “Our aim is to build a trusted and scalable regulatory reporting ecosystem that runs securely on the cloud. Suade’s ecosystem caters for all current and future regulatory requirements aligning with our objective of fostering transparency, automation, and efficiency throughout our entire process. We are delighted to have joined Suade’s community group.”
“We are thrilled that Darlington Building Society, a well-respected institution, has joined our esteemed Building Society User Community. With continuously evolving regulations, Suade empowers Darlington with the ability to seamlessly navigate the complexity of the regulatory landscape” said Diana Paredes, Chief Executive Officer, and Co-Founder at Suade. “Our regulatory ecosystem will enable Darlington to streamline their processes, deliver data harmonisation and transparency, scale faster, and adapt swiftly and confidently to change. We look forward to working with Darlington to support their vision and growth journey.”
Founded in 2014, Suade, leading RegTech firm, stands apart by transforming the industry’s approach to regulatory compliance. Harnessing the power of Suade’s technology with an intelligent data-driven platform that utilises Natural Language Processing (NLP) and Machine Learning (ML), enables financial firms to achieve efficiency ratio objectives, and gain greater business insights while insulating them from regulatory change.
Suade’s approach to data discipline is rooted in its Financial Regulation (FIRE) Data Standard, the only global open-source regulatory data harmonisation that brings together regulators and financial institutions to a congruent set of data definitions and properties. Building on FIRE, Suade leverages the latest technologies to streamline compliance, enhance automation, accelerate processing speed, and transparently manage a wide range of risks across jurisdictions.
Suade, recognised as a Global Innovator by the World Economic Forum, serves a global clientele of financial institutions with a presence in the UK, Europe, North America, and Asia.
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