The Bangko Sentral ng Pilipinas


The Bangko Sentral ng Pilipinas (the Philippines Central Bank, or BSP) was dealing with the primarily manual and resource-intensive process. The main source of the issues was receiving inconsistent, incomplete, or late reports from the supervised financial institutions. Data cleaning and validation were consuming significant resources.

The situation mentioned above was highlighted when new regulations were issued or the existing ones were amended to align with global banking standards (i.e., Basel reforms), or when the reporting requirements had to be revised and templates had to be added or updated. The interpretation of the new requirements had to be done by the supervised entities. The banks had to complete more than 240 reporting templates with more than 100,000 data points altogether by 2017.

This evolution has incorporated several inefficiencies into the regulatory reporting process and has indicated that it is time to make some changes. The system relied on Excel-based reporting templates, but that was not an efective solution due to manual preparation. The RegTech for Regulators Accelerator (R2A) partners with leading financial sector authorities to pioneer the next generation of tools and techniques for regulation, market supervision, and policy analysis. RegTech for Regulators Accelerators (R²A) published a request for applications where companies from all around the globe got the opportunity to propose their solution in the competition. A panel of judges selected a winner to develop the API and visualisation prototype. Compliant Risk Technology (CRT) was the winner in this competition among the international competitors, and therefore, we got the opportunity to work on this project for the BSP.


Solution delivered as the result of the partnership with the BSP is: an Application Programming Interface (API)-based Prudential Reporting System and back-office reporting and visualisation application.

The API enables a direct line of “machine-to-machine” for data transmission between the supervised entities and the BSP system without human intervention. The processing engine performs all data validation and formula calculation in one dedicated location, based on rules defined in a dynamic business syntax. Considering there are over 7,000 validation rules prescribed by the BSP, having a single processing engine ensures that all tests and calculations are run uniformly. The API-based Prudential Reporting System and back-office reporting and visualisation application allows supervised entities to submit high-quality, granular data digitally, and automatically to the financial authority with higher frequency. The solution will enable BSP to make faster data validation and sharper analysis by generating customised reports for supervisory and policy development purposes in diferent formats.


The implementation of the risk-based supervisory approach promoting financial inclusion while ensuring financial stability and integrity. API-based Prudential Reporting System in combination with the back-office reporting and visualisation application reduces compliance costs and improves data quality.


  • 29 reporting schemes
    14 financial reports + 15 related reports
    1 unifed scheme
    in XSD format
  • ≈243 reporting templates
    ≈210 reporting templates
  • ≈107,000 data points
    ≈50,000 data points
    other data points are calculated in felds
  • ≈7,000 validation rules
    in several layers, some spot-checked by humans
    ≈7,000 validation rules
    single validation layer in dynamic business syntax
  • Layered reporting package
    multiple submission of reporting package via email
    Single reporting package
    automatic submission via API, no human intervention needed
  • Processing time avg. > 1800 sec
    excluding manual workarounds
    Processing time avg. ≈10 sec
    (excluding manual workarounds)
  • Multiple processing and analytical layers
    some manual
    Single processing and analytical layers
    processing and validation layer
Through the API-based architecture, a larger amount of data can be transferred for processing in a shorter amount of time, resulting in more robust and granular data for analysis.
Capital Market Authority & Insurance Supervision Agency
Explore how we enhanced data quality and reliability in two Montenegro institutions with our system for financial supervision.


Contact us at
+385 1 7777 599
Av. V. Holjevca 40, 10000 Zagreb, Croatia, EU

NAME: COMPLIANT RISK TECHNOLOGY LLC, VATID: HR30872422309, IBAN: HR1124840081106002978,
ADDRESS: Av. V. Holjevca 40 ZG, CROATIA - EU, ESTABLISHED: 2010, SHARE CAPITAL: 1.330.000 KN

Compliant Risk Technology LLC / Full name: Compliant Risk Technology limited liability company for computer services / Short name: Compliant Risk Technology Ltd. / Place of business: Zagreb (The City of Zagreb), Avenija Većeslava Holjevca 40, 10000 Zagreb, Republic of Croatia (Croatia) / The company is registered in the commercial register of the Commercial Court in Zagreb under No.080782506 / Share capital 1.330.000,00 kunas paid in full / OIB: 30872422309 / Board member: Dragan Oremuš / Account number (IBAN): HR1124840081106002978 at Raifeiessen Bank d.d. – Petrinjska 59, 10000 Zagreb, Republic of Croatia (SWIFT/BIC: RZBHHR2X)

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