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FOCUSYNC becomes latest ABA corporate member
- 13th, February, 2020
We are delighted to welcome FOCUSYNC as our newest corporate member. FOCUSYNC is a London-based company that provides automated solutions and consulting services that improve the management of data and processes for their banking clients.
FOCUSYNC provides proven business solutions that aggregate data and streamline processes by utilising newer technology platform systems for compliance, regulatory reporting, management information systems, and risk management which, when combined with assurance, improves both data quality and efficiency, and thereby reduces costs and the risk of reputational damage.
The firm is led by Abbas Merchant, who began his career in programming business solutions in Silicon Valley before joining Ernst & Young as a risk manager focusing on financial services clients in the Middle East and Pakistan. He founded FOCUSYNC in 2003 in the UK.
“Financial institutions are accumulating more and more data, and regulators are demanding ever-more granular level reports," says Abbas. "Internally created data lakes can all too easily turn into ‘data swamps’ from which it is difficult to extract accurate, reliable and timely information.Furthermore, the pressure and importance of compliance and regulatory reporting often leads banks to create separate silos with isolated teams, resulting in data duplication (which often becomes inconsistent), and altered processes ('black boxes') that only a few people understand. CEOs and other ‘C’ suite executives risk losing control of crucial regulatory and compliance processes and may find that they cannot harness the wealth of information contained within these silos to enhance the management of their bank.”
FOCUSYNC addresses these issues by implementing its middleware technology that automatically transforms the banks' data into a secured dynamic data warehouse which is sanitised and enriched. FOCUSYNC’s system 'TARRAMIS' is then able to produce reliable reporting based on consistent, firm-wide data. This becomes an invaluable corporate resource which is future-proof through technology and data integration. Reliance on human input is sharply reduced with the result that managers can design their own analytics and MIS, becoming far less reliant on in-house black boxes and key staff, which in turn reduces operational risk.
“Regulators are moving towards Digital Regulatory Reporting,” says Abbas. “They are going to want digitally-generated reports, and in time they are going to want to be able to interface directly with banks' reporting data 24/7. The systems employed currently just won’t be able to meet regulatory demands. For senior executives the question becomes ‘when’ will they upgrade their systems rather than ‘whether’.”
Looking ahead, Abbas also thinks that data analytics, including assurance, automatically generated alerts and exceptions reporting will be required by CEOs and senior managers, and this is something that TARRAMIS already provides.
The firm offers its key services through the brand TARRAMIS, an acronym for a Totally Automated Risk, Regulation and Management Information System, which is fit for PRA assurance test. Abbas sees particular relevance to banks due to the vastly increased regulatory scrutiny they now face, both in terms of periodic reporting and in terms of supervisory expectations around data governance.
The firm’s offices are at 19 South Audley Street in Mayfair. Their phone number is 0207 193 6344 and their website is www.FOCUSYNC.co.uk.
Abbas Merchant can be contacted directly at abbas.merchant@FOCUSYNC.co.uk, +44(0)7843563787
James Clarke (Sales and Marketing) can be contacted directly at james.clarke@FOCUSYNC.co.uk, +44(0)7899993723
The photo above shows Abbas and James outside the ABA's offices in London.
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