Regulations and banking supervision stand as foundational pillars for ensuring stability and efficiency in global financial markets. For many financial institutions, regulatory data reporting has become increasingly data-heavy and expensive. With the surge in regulatory measures like BASEL, IFRS, and ICA, there's an amplified demand to modernize and automate almost all facets of financial operations.
This was precisely the challenge the Central Bank of Iraq (CBI), the regulator of Iraq's financial market, encountered. LinkSoft was tasked with crafting an application adept at receiving and analyzing the vast expanse of financial data, tailored for the unique Middle Eastern context.
However, this wasn't the sole hurdle. In an era where financial institutions face the mammoth task of efficiently collating and deciphering rapidly expanding data, Iraq lacked a centralized system for managing regulatory initiatives. Data was often scattered across Excel spreadsheets, emails, and even paper records.
Without a centralized framework, the CBI faced numerous setbacks, impeding its banking supervision and strategic decision-making. Compliance reviews were cumbersome, frequently manual, and repetitive. This inefficiency resulted in prolonged processing times and inconsistencies in operations and calculations. Important documents would either go missing or be incorrectly reviewed. Addressing these challenges became LinkSoft's mission.
How does one design a regulatory reporting application for a nation without a centralized system governing financial regulations? The answer: build from the ground up.
Having a rich reservoir of experience in crafting specialized financial software, LinkSoft knew the direction to embark upon. The aim was clear: construct a unified system from scratch, encompassing every aspect of the central bank's regulatory functions.
Tasks that once consumed hours for Central Bank of Iraq's staff can now be accomplished in mere clicks.
Enter BSRS (Banking Supervision Reporting System) a supremely scalable reporting framework built on .NET Core, React, Docker, and MS SQL server. Its core objective is to holistically support the entire reporting journey: from sourcing data from disparate systems, transforming them into the desired format, to showcasing results as mandated by supervisory entities. Available in both standard and Arabic versions, it offers flexibility in text directionality. This comprehensive application boasts internal, public, and entity-specific interfaces, alongside both external and internal APIs. At its heart, the reporting module stands out, empowering authorized personnel to generate and disseminate reports for routine checks, statistical evaluations, and bespoke requirements.
The application's heart lies in Microsoft.NET, serving as a sturdy base across all layers. It incorporates:
