SQL Power has an unparalleled track record of quickly deploying integrated regulatory and oversight solutions on-time and within budget.
Integral to our success is our innovative SQL Power Suite software that provides the framework for full automation of regulatory business functions. It is turn-key in nature and battle tested by Canadian and international regulators. Our dynamic solution lends itself to rapid deployments, allowing SQL Power and regulated entities to successfully roll-out complete end to end data collection and analytics solutions in months rather than years. Below are two recent success stories illustrating the power and flexibility of the solution.
The Cayman Islands Monetary Authority (CIMA) is responsible for the supervision and regulation of over twenty thousand financial service entities across multiple sectors (Banking, Fiduciary, Insurance, and Investments & Securities) in accordance with relevant international standards.
In 2014, the Cayman Islands was ranked number one against the world’s specialized financial jurisdictions. CIMA aimed to revolutionize its financial regulation to position the country as the offshore center where all financial institutions strive to conduct business. This meant enabling complete business-user self-sufficiency through simple, straight-forward processes to achieve unprecedented customer experience leadership.
CIMA attempted to automate the frustrating, hardcopy filer experience and labor-intensive internal processes previously, without success. The regulator was forced to rely on the vendor to constantly make technical changes to rules for data collection, straining monetary resources. The decision was made to displace the incumbent XBRL software vendor with a comprehensive solution offering business user self-sufficiency to minimize reliance on outside consultants.
CIMA engaged in a comprehensive tender evaluation process for the new Regulatory Enhanced Electronic Forms Submission (REEFS) system, with the SQL Power Suite identified as the best regulatory software in the world. The solution proved to be a perfect fit, geared toward rapid deployment and business user self-sufficiency.
Phase 1 of the solution was rolled out in less than 6 months, providing a unified platform for real-time interaction with regulated and prospective entities. The solution successfully automated every aspect of data collection for over 38 financial returns, including financial returns management, license application processing, certificate generation, and on-demand requests – and was paired with robust analytics for substantially deeper and more accurate modelling and reporting. The solution additionally integrates with an eSignature module, as well as CIMA’s in-house payment and CRM systems.
“With a competitor’s solution, CIMA spent 4 years and $4.0 Million to automate 2 returns; while with the SQL Power solution we were able to automate 38 returns in 6 months for less than half the price,” said CIMA Head of IT.
The Deposit Insurance Corporation of Ontario (DICO) is responsible for protecting depositors and monitoring the financial health of deposit-taking institutions through regulatory oversight of geographically dispersed financial institutions. In 2009, the agency was facing significant challenges maintaining their current data collection and reporting system due to the dramatic differences in size, staffing, and technology level of overseen organizations. Furthermore, rapidly changing filing requirements and accounting standards were increasingly challenging to abide by. A bulky manual process paired with minimal staff proved unsustainable. The major Canadian regulator was searching for a solution that would enable them to:
- Provide a mechanism for automated filing
- Remove manual coding from the taxonomy development process to eliminate unnecessary complexities and support rapid updates to filing requirements
- Ensure that all information related to filing requirements (the metadata) is maintained in a single, secure location, to be updated and modified by the business users with minimal involvement from the technology team
- Leverage their staff size to handle higher volumes of data, and quickly identify trends and issues
Following a thorough competitive evaluation of offerings from several other major vendors, DICO deployed into production SQL Power’s SQL Power Suite. The web-based forms architecture tags corporate filings with eXtensible Business Reporting Language (XBRL) – the electronic standard for managing and sharing financial data and business information. High quality, standardized electronic data is validated, submitted, and ready for analysis in real-time. SQL Power successfully implemented the world’s first, and only, fully-integrated end-to-end XBRL platform at DICO in early 2010.