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Automated Compliance Reporting

Nordic financial institutions face increasing regulatory demands in their compliance reporting. Consequently, significant resources are spent on manually delivering the required data to financial authorities, who in turn needs to process the deliveries on their end.

About the project

NCE Finance Innovation is working with Sparebanken Vest, Sparebanken Sogn og Fjordane and Fana Sparebank as well as Finanstilsynet, the Norwegian agency for financial oversight, to automate parts of the reporting process so that both parties can reduce their current associated costs. The ambition is to create a new standard for compliance reporting (starting with Engasjementsrapportering – KRT-1115) that can be used by every financial institution in Norway. In addition to making the reporting process more efficient, this will also increase the quality and comparability of the reported data.

Update: Finance Innovation has completed a pilot project with the Financial Supervisory Authority (Finanstilsynet) where the goal was to pilot future models of automated compliance reporting. This effort will advise the strategy of the next version of AltInn to ensure higher accuracy and quality at a lower cost.

Contact person in NCE Finance Innovation: Atle Sivertsen