Filing In Overdue Annual Inspection Report
Streamlining overdue annual inspection reporting with RPA automation
Key Solution: Robotic Process Automation (RPA)
Challenge
The Risk Monitoring and Compliance Department, particularly the credit risk team, faces significant challenges when filing overdue annual inspection reports:
Multiple System Logins: At the end of each month, staff must log into the core banking system to download customer reports and manually classify forms by department.
Complex Data Aggregation: Aggregating business data from various departments is cumbersome and incurs high communication costs.
Intricate Matching Logic: The matching and association logic for report data is complex, with a large volume of data that is time-consuming to process manually.
Error-Prone Processes: Manual data entry is highly susceptible to omissions and errors, posing operational risks.
Solution – Automation Workflow
Transforms the filing process by automating key tasks: RPA Bot logs into the core banking system to download reports, match data using predefined rules, allocate data to departments, and automatically summarise departmental data upon expiry.
Before Implementation:
- Full manual effort during normal working hours.
- 1 hour processing time per transaction.
- Prone to omissions and errors due to manual handling.
- High communication costs and labour-intensive processes.
After Implementation:
- Automated processing is 8 times faster than manual methods.
- Reduces the need for extensive manual intervention, saving 6 man-days each month.
- Rule-based automation ensures 100% accuracy, eliminating errors and omissions.
Impact
100% Accuracy
8x Efficiency
2 mins Update Time
15 mins Single Transaction Time