Great Southern Bank has switched on new cloud-based capital and credit risk management and reporting software to automate aspects of meeting regulatory requirements.
The customer-owned bank went live last week and will use the software-as-a-service (SaaS) to respond to the Australian Prudential Regulation Authority’s (APRA) banking standards.
The software supports the bank in the preparation and submission of regulatory reports and datasets.
APRA introduced two new standards at the start of this year, and now requires Australian banks to automate the delivery of related reports.
Great Southern Bank has partnered with Reg360 and joint Belgian-Thai-based risk technology provider, ElysianNxt.
The bank's head of enterprise data Matt Cammack said his team had "successfully delivered a new platform to meet our business and regulatory requirements where we see not only efficiency benefits but [also] improved accuracy and consistency of regulatory reporting."
He added the bank’s partnership will be “key” as Great Southern Bank begins work to incorporate other regulatory changes.
The next stage of the project is already underway to integrate Great Southern Bank’s credit risk calculations and APRA’s wider reporting requirements.
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