United Overseas Bank automates data consolidation and computation for compliance reporting with regtech solution from Moody’s Analytics
NEWS | For Immediate Release
HONG KONG and SINGAPORE, June 1, 2018 – Moody’s Analytics and United Overseas Bank (UOB) today announced that they have won The Credit Risk Technology Implementation of the Year award at The Asian Banker’s Risk Management Awards 2018. This award is in recognition of UOB’s successful rollout of the Moody’s Analytics RiskAuthority™ solution to automate its data consolidation and computation processes for compliance reporting.
The RiskAuthority solution is a regulatory technology (regtech) solution that helps to streamline and to automate regulatory compliance processes in the areas of data management, regulatory capital calculations and financial reporting.
UOB was the first bank in Singapore to adopt the RiskAuthority™ solution, which also enables more timely risk-weighted asset (RWA) calculations and in turn increased productivity. UOB anticipates that it will be able to generate regulatory reports using less than half the time needed previously for the manual process. The solution is also part of UOB’s continual system enhancements to be better equipped when addressing new or changing regulatory requirements.
Mr. Lim Ann Liat, Head of Markets and Enterprise Technology, Group Technology and Operations, UOB, said, “At UOB, technology is an enabler for us not only to enhance the experience and connectivity for our customers, but also a way for us to drive performance. The RiskAuthority solution is one such example of how we are tapping the benefits of digital solutions to enhance the efficiency of our compliance reporting processes. The scalability of the solution also means that we are able to achieve consistent regulatory reporting standards across multiple jurisdictions, including our key markets such as Thailand and China.“
“We are honored to receive this award from The Asian Banker and delighted to share it with our long-time partners at UOB,” said Mr. Wael Jadallah, Managing Director at Moody’s Analytics. “Moody’s Analytics is committed to helping financial institutions meet their business and regulatory challenges. Increased efficiency and a sizable reduction in infrastructure costs are among the benefits UOB has gained from our RiskAuthority solution.”
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About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools supporting our clients’ growth, efficiency, and risk management objectives. The combination of our unparalleled expertise in risk, expansive information resources, and innovative application of technology, helps today’s business leaders confidently navigate an evolving marketplace. We are recognized for our industry-leading solutions, comprising research, data, software, and professional services, assembled to deliver a seamless customer experience. Thousands of organizations worldwide have made us their trusted partner because of our uncompromising commitment to quality, client service, and integrity.
Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO). MCO reported revenue of $4.2 billion in 2017, employs approximately 11,900 people worldwide and maintains a presence in 41 countries. Further information about Moody’s Analytics is available at www.moodysanalytics.com.
About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s and AA- by Standard & Poor’s and Fitch Ratings respectively. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia and Thailand, as well as branches and representative offices across the region.
Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.
We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.