Building Society simplifies reporting and strengthens compliance with Suade

Sophie Rose

Lead Researcher

Background 

A UK-based mutual society serving local communities faced significant challenges in maintaining regulatory compliance with limited resources. Like many smaller financial institutions, it needed to align with rigorous regulatory standards but lacked the extensive budgets and large teams common at bigger banks.

In 2024, the Prudential Regulation Authority (PRA) introduced the near-final policy for Basel 3.1 and CP7/24, launching the Strong & Simple Framework. Specifically tailored for small domestic deposit takers (SDDTs) managing assets under £20 billion, this framework aimed to reduce unnecessary reporting burdens while maintaining robust compliance.

The mutual society required a streamlined solution to efficiently meet these new standards and maintain focus on delivering value to its community members.

The Challenge 

The organisation needed preparation for the Strong & Simple Framework and the optional Interim Capital Regime (ICR), offering institutions additional time to choose between the comprehensive Basel 3.1 framework or a simplified alternative.

Their existing manual processes posed significant issues:

• High resource demands and time consumption
• Increased susceptibility to human error
• Limited flexibility to quickly adapt to evolving regulations
• Distraction from essential business operations and priorities

A future-proof, flexible, and comprehensive regulatory reporting solution was required.

The Solution 

The organisation selected Suade’s regulatory platform to modernise and automate their compliance processes. The solution’s adaptability enabled seamless alignment with the Strong & Simple Framework without increasing workload.

Key features provided:

• Data-driven Reporting: Transitioning from manual Excel-based reporting, the organisation leveraged Suade’s platform for streamlined data collection, validation, and regulatory submissions.
• Automation: Routine compliance tasks were automated, significantly cutting down on reporting hours and manual labour.
• Enhanced Accuracy: Integrated validation checks improved data reliability, minimising errors.
• Regulatory Assurance: Ongoing updates aligned with PRA requirements, providing confidence and accuracy in timely submissions.

The Results 

By implementing Suade’s solution, the organisation experienced:

• Increased Efficiency: Automation significantly accelerated reporting processes, allowing staff to prioritise strategic initiatives.
• Improved Data Quality: Higher-quality data enhanced decision-making capabilities and mitigated compliance risks.
• Seamless Compliance: The organisation effortlessly met the Strong & Simple Framework’s requirements.
• Enhanced Business Focus: Reduced manual reporting tasks enabled the team to dedicate more resources towards meeting member needs and driving long-term growth.

Looking ahead 

The organisation continues to use Suade’s platform as part of its digital transformation journey. With a future-proof solution in place, they’re well-positioned to adapt to future regulations while delivering value to their community members.