As regulatory demands continue to grow, Nepali banks are under greater pressure to ensure compliance with the Nepal Rastra Bank’s (NRB) updated reporting standards. Staying abreast of these requirements can be grueling, especially with traditional reporting methods. Fortunately, IRIS iDEAL® offers a powerful solution that not only automates the reporting process but also boosts data accuracy and streamlines compliance efforts. By leveraging iDEAL®̥, Nepali banks can reduce the complexities of regulatory reporting, achieve timely compliance and refocus resources on core business operations, driving growth and efficiency.
The NRB Mandate: Modernizing Financial Reporting in Nepal
The Nepal Rastra Bank (NRB), Nepal’s Central Bank, has launched a progressive initiative to modernize its financial regulatory reporting system. By implementing an XBRL-based electronic filing system, the NRB’s Supervisory Information System (SIS) aims to enhance data quality, streamline submission processes, and improve regulatory oversight. This mandate is set to transform the way banks and financial institutions submit their regulatory reports.
Why the Shift to XBRL?
- Manual Reporting: Traditionally, banks in Nepal submitted reports manually—often in paper formats or PDFs—resulting in time-consuming processes that were prone to errors.
- Excel and Other Formats: Some institutions transitioned to Excel spreadsheets, offering a basic level of automation. However, these formats lacked the standardization needed for consistent data analysis.
- Need for data standardization to enable deduplication of reporting
- Automating data validation check at inception
Challenges with Traditional Reporting Methods:
- Inconsistency: Financial institutions used different formats and structures, making it difficult for the NRB to ensure consistency in reporting.
- Error-Prone: Manual data entry posed significant risks for human errors, affecting the accuracy of reports.
- Inefficiency: Without automation, the entire process was slow, labor-intensive, and resource consuming.
XBRL has emerged as the ideal solution, introducing a standardized, automated, and more reliable approach to financial reporting. With enhanced validation checks, quicker processing, and greater data transparency, XBRL allows financial institutions to submit regulatory reports efficiently and accurately. XBRL also enables a more system to system data sharing framework with minimal manual intervention. With XBRL in place regulators can have timely intervention to check destressed assets in the banking ecosystem.
iDEAL: Your Comprehensive Solution for NRB Compliance
Transform Your Reporting with iDEAL
IRIS iDEAL® is purpose-built to address the challenges faced by financial institutions under the NRB mandate. Whether dealing with frequent regulatory changes, handling large volumes of data, or ensuring top-notch data security, iDEAL®̥ offers a comprehensive and automated solution that helps financial institutions remain compliant while simplifying the entire reporting process.
iDEAL’s Key Capabilities:
- Frequent Regulatory Changes: Stay ahead of the curve with a system that adapts to NRB’s evolving regulations.
- Large Data Volumes: iDEAL®̥ is built to automate the high volumes of data preparation activity, making it scalable for financial institutions of any size.
- Data Security: With industry-leading security protocols, including two-factor authentication, Single Sign-On (SSO) and on-premises implementation, your institution’s sensitive financial data remains protected.
Key Features of iDEAL
- Streamlined Data Collation
Say goodbye to time-consuming manual data entry. iDEAL®̥ automates data collation, ensuring accurate and consistent data across all regulatory reports.
- Automated Report Generation
Generate and submit regulatory reports seamlessly with iDEAL®̥. The system is continually updated to comply with the latest NRB guidelines, reducing complexity and timely compliance.
- Advanced Data Security
Your data’s security is paramount. iDEAL®̥ features advanced security protocols, including Single Sign-On (SSO), LDAP integration, two-factor authentication, and on-premises hosting to ensure your data remains protected and within your secure environment.
The iDEAL®̥ Advantage
- Save Time and Resources
By automating the entire reporting process, iDEAL®̥ frees up valuable resources and reduces the burden of compliance. Financial institutions can refocus on core business activities, boosting overall productivity.
- Enhance Data Quality and Consistency
iDEAL’s built-in validation checks ensure that all prepared data is accurate and consistent. This not only improves the reliability of regulatory reports but also builds trust with NRB.
- Reduce Compliance Costs
With automation reducing the need for manual reporting processes, iDEAL®̥ significantly lowers compliance costs. This allows financial institutions to invest more in their strategic growth and operational improvements.
Transform Your Regulatory Reporting with iDEAL®̥
- Take the next step in regulatory reporting by adopting iDEAL®̥. Simplify your compliance processes, enhance data accuracy, and reduce the compliance burden with a robust, automated solution that adapts to your institution’s needs.
