Advocate consultants are working with several financial institutions in Hungary leading and participating in IT projects with the goal of fulfilling the new regulatory reporting obligation on Retail and Corporate lending activites (HITREG reporting obligation). The new HITREG reporting framework requires all Hungarian banks to report the following analytical data:
The new reporting obligation poses a big challenge to banks, because the regulator developed a robust and strict validation framework that automatically rejects any reporting package that has a single error, regardless the severity or type of it. The mentioned framework handles different types of errors: checking mandatory fields, checking data formats and constraints, but the most challenging validation types are the business and integrity validations.
Because of the validation rules, the succesful fulfillment of the reporting obligation relies heavily on the overall quality of the available data - based on Advocate consultants' experience this is the greatest obstacle that the related projects are tackling. Advocate consultants are participating in and leading these projects in many roles (Business Analysis, Project Management, Business Intelligence Development) - making our strategic partners optimistic on meeting the regulator's deadline with succesful monthly report submission.