Automated Data Flow Approach for Regulatory Reporting: An IRIS Case Study
"AfrAsia Bank, Mauritius is a commercial bank serving the Africa-Asia trade corridor, combining its strength and expertise in four core divisions, viz. Private Banking and Wealth Management, Corporate and Investment Banking, Global Business and Treasury.
Under the XBRL mandate of the Bank of Mauritius (BoM) issued in December 2014, all regulated banks of Mauritius were to report their regulatory returns in XBRL. The MS Excel® templates provided by BoM, embedded with validation rules to generate XBRL files, were quite manpower intensive, prone to errors and time consuming. Hence, BoM recommended all banks to adopt Automated Data Flow (ADF) system, thereby reducing/eliminating manual intervention and making the entire process seamless, efficient and transparent.
AfrAsia Bank implemented IRIS iDEAL and became the first Mauritian bank to adopt Automated Data Flow approach for data collection and regulatory reporting.
Read the full case study here to know the benefits AfrAsia Bank drew by implementing IRIS iDEAL."