How QFCRA maintained data integrity while implementing business intelligence for insights
The Qatar Financial Centre Regulatory Authority (QFCRA), an independent regulator of the Qatar Financial Centre (QFC), upgrades prudential filings to more accurate and automated submissions using IRIS iFILE, an XBRL based regulatory filing platform.
With more than 38 banks and 25 insurance firms reporting their data to QFCRA at varied frequencies, the challenge was to maintain data integrity and conduct quick analysis for effective, risk-based supervision. QFCRA decided to partner with IRIS and implement iFILE, IRIS’ XBRL-based regulatory filing platform. iFILE helped in effectively handling the various complexities in the process, reducing time and manual effort spent on reporting, and in ensuring consistent, accurate and transparent data.
Additionally, with the implementation of business intelligence reports, QFCRA can now analyze the data for further business insights or research. The business intelligence reports give QFCRA access to over 700 tables and graphs, along with the capability to perform risk-analysis, make better decisions, detect incongruencies, gain insight about specific patterns or trends and push the business process forward. It also enables them to drill down, slice-and-dice and perform year-on-year or month-on-month comparison of financial data. Parameterized reports also enable comparison between or across banks and insurance firms. With the implementation of a structured data solution like iFILE, QFCRA has effectively strengthened its risk-based approach to prudential supervision.