By Staff Reporter
WINDHOEK, March 14 — SQL Power, the global leader in financial regulatory and advanced analytics technology, successfully rolled out its supervisory platform, the SQL Power Suite, at the Bank of Namibia (BON) on February 23, 2023. The platform was highly-configurable, automating every aspect of the Bank’s supervisory processes, and providing an efficient and transparent regulatory system with enhanced data collection and analytics capabilities. The solution was instrumental in effective supervision and safeguarding any banking institution’s ability to mitigate any risks to the soundness and stability of the institution.
BON selected SQL Power’s solution to unify decentralized operations and streamline important and complex regulatory functions in three supervisory departments, namely Banking Supervision, Payment and Settlement Systems, and Exchange Control. SQL Power provided BON with weekly access to project deliverables and encouraged early feedback while welcoming changes throughout the development phase resulting in a successful deployment within 12 months of requirement gathering.
According to BON, the solution provided early warning indicators of potential distress in a supervised banking institution. The platform automatically flagged defined indicators of distress in regulated entities upon submission of relevant and timely data to the Bank. This capability is instrumental in effective supervision and safeguarding any banking institution’s ability to mitigate any risks to the soundness and stability of the institution.
“The hallmark of a successful and futuristic organisation is one that maintains its core and continually re-invents itself by transitioning into the new and delivering value to stakeholders meaningfully,” said the Bank’s Governor, Mr. Johannes !Gawaxab when describing the success of the initiative, “We believe that by lowering the cost of compliance, as the system does, the customers of our banking institutions will benefit from a more agile and collaborative financial sector that provides quality, affordable, and inclusive services.”
“The project has been a resounding success and an exemplary collaboration between a client that knows exactly what they want and a vendor that is committed to customer success,” said SQL Power’s CEO, Sam Selim.
Founded in 1989, SQL Power Group Inc. is a global application software firm specializing in data collection, data migration, business intelligence, and financial regulatory implementations. The company is at the forefront of regulatory software innovation, rolling out the world’s first fully-integrated XBRL-based data collection, risk management, case management, and advanced analytics solution in 2009. The platform integrates easily with existing regulators’ legacy systems and evolves seamlessly alongside changes to Global Financial Standards and customer needs.
In conclusion, SQL Power’s successful rollout of its supervisory platform at the Bank of Namibia is a testament to the company’s commitment to customer success and innovation. The platform’s highly-configurable and efficient design enabled BON to streamline regulatory functions, safeguard banking institutions’ soundness and stability, and provide quality, affordable, and inclusive services to customers. – Namibia Daily News
