On July 31st, the "Unified Reporting System," jointly developed by a joint-stock commercial bank and Sunline, officially went live. The system successfully completed the submission of the 2.0 version of the monthly report data (for June) and the 2.0 version of the daily report data (for July 23-27).
Since the project's inception, both parties have leveraged deep interpretations of regulatory requirements and extensive practical experience. They coordinated efforts involving 27 departments, one wealth management subsidiary, and seven branches of the joint-stock commercial bank. Within a short four-month construction period, over 150 new data standards were established, fully covering the data standard requirements for the Unified Reporting System's resource layer. Additionally, they organized and refined more than 10 source business system standardization transformation needs, confirmed 84 reports, and defined over 1,000 reporting scenarios from both business and technical perspectives. This project sets an industry benchmark for promoting the digital transformation of financial industry regulation and restructuring regulatory data systems.
Three Key Factors Enhancing Project Implementation Efficiency
Compared to traditional regulatory reporting, the "Unified Reporting System" differs significantly in reporting methods, timeliness, and data processing standards. As the project contractor, Sunline faced multiple challenges, including tight timelines, heavy tasks, broad scope, complex data flows, and high compliance requirements. Leveraging their extensive experience and technical strengths in regulatory reporting and their strong foundation of long-term cooperation with the bank, the project team successfully completed a series of construction tasks. These tasks included business consulting, regulatory data mart transformation, data supplementation, Unified Reporting System data processing, Unified Reporting System reporting system construction, trusted zone setup, and Unified Reporting System data governance, culminating in a successful joint debugging test with the regulator in June.
The successful launch and reporting of the joint-stock commercial bank’s Unified Reporting System system can be attributed to several factors. Sunline’s robust accumulations in product development, team expertise, and best practices are undoubtedly the strongest guarantees of success.
Mature Unified Reporting System Meeting Indigenous Innovation Requirements: Since the initiation of the Unified Reporting System pilot system, Sunline has been involved in equipment deployment and system construction for several pilot banks. Through multiple project verifications and product iterations, they now offer standardized products that fully support domestic software and hardware environments, aiding banks in efficiently building a complete Unified Reporting System.
Expert Unified Reporting System Business Consulting Team Leading the Way: Sunline boasts a strong team of regulatory reporting experts who provide comprehensive consulting services. These services include regulatory interpretation, business analysis, reporting scenario sorting, data responsibility allocation, business and technical criteria management, Unified Reporting System data quality management, and product implementation, offering forward-looking guidance to ensure smooth project execution.
Knowledge Repository from Unified Reporting System Project Outcomes: Concurrently participating in the construction of Unified Reporting System systems for several joint-stock banks, Sunline has streamlined and reused results across projects. This includes business analysis, requirement sorting, validation rule refinement, and criteria standardization, as well as accumulating and sharing solutions for complex issues. This approach significantly enhances both the efficiency and quality of project delivery.
Five Major Challenges in Project Implementation
The "Unified Reporting System" represents a fundamental and systemic transformation of the existing regulatory reporting system, pushing financial institutions' regulatory data frameworks to a new stage. Therefore, merely constructing a single system does not resolve all issues. The challenges remain centered on business, data, and data quality, including the integration of systems like 1104, EAST, and customer risk systems.
As a key participant in the Unified Reporting System construction, Sunline has undergone practical trials and accumulated experience, developing an effective set of solutions to tackle complex issues. These solutions enable the quick and efficient implementation of the Unified Reporting System projects for banks while effectively mitigating potential risks during the project process.
Challenge 1: To date, three batches of pilots have been completed. Generally, there is a window of about three months from notification to formal reporting, making the construction period very tight.
Solution: Conduct market research as early as possible, plan and prepare in advance, including vendor communication, business analysis, source system transformation, reporting scenario sorting, data responsibility allocation, and criteria refinement.
Challenge 2: Data collection covers all business details, with high data quality requirements and consistency across systems. Reporting frequency is also high, requiring daily generation of all reporting data.
Solution: Use mature products and implementation plans to reduce the need for customized development; leverage data governance systems to continuously improve Unified Reporting System data quality.
Challenge 3: The scope involves various departments, making it impossible for the IT department to complete independently.
Solution: Implement a data responsibility system, fostering a culture where everyone is accountable, and mobilize all parties to complete both regulatory and system construction.
Challenge 4: Different business models, system conditions, data situations, and regulatory requirements make it difficult to provide standardized data that meets all needs.
Solution: Analyze and assess the compatibility of business and source systems, and drive the transformation of source systems to align with regulatory requirements.
Challenge 5: Ensuring no omissions, errors, or delays in reporting, while guaranteeing the authenticity, accuracy, and completeness of critical data.
Solution: Fully interpret regulatory requirements during the project preparation phase, complete the sorting of business and reporting scenarios, and refine reporting criteria based on the responsibility system to ensure comprehensive system construction.
The "Unified Reporting System" focuses on collaborative regulation to build transparent, digital regulatory capabilities, meeting the nation's needs for efficient financial regulatory statistics and management, and preventing systemic financial risks. Strengthening regulatory data governance is the foundation for building a digital regulatory transformation. With the successful conclusion of the third batch of pilot projects, the comprehensive rollout of the Unified Reporting System has entered the countdown phase, and its gradual replacement and streamlining of the current regulatory reporting system is a foreseeable future. Sunline will seize this opportunity, leveraging its well-validated products and implementation experience to assist financial institutions in advancing Unified Reporting System system construction and meeting Unified Reporting System regulatory reporting requirements.
About Sunline
Founded in 2002, Sunline is China's leading banking software and technology provider. With over 7,000 employees serving 800 global clients, Sunline drives innovation in financial technology. With offices strategically located in key financial hubs across the Asia Pacific region, including Hong Kong, Malaysia, Thailand, Indonesia, Singapore, and the Philippines, Sunline is poised to revolutionize the banking landscape.
