GRaCE, from European Supervision to Government of the Financial Institution

The suite developed by Engineering does not only manage an enormous pile of data, but also provides competence in obtaining information for the purposes of use.

GRaCE - Governance, Risk and Compliance of Engineering - is the new solution offered to the Eurozone Financial Institutions to aid adoption of a corporate asset management model that can guarantee full internal consistency and ease of use in response to the many needs of Bank Governance, starting with the ones introduced by the new European Surveillance framework (FINREP, COREP, BASILEA III).

This is an innovative and flexible proposal, characterized by consolidated partnerships with the main global HW/SW players and by a thorough knowledge of the most innovative technologies, to guide the client towards solutions that can satisfy management and information asset analysis needs, through the use of high scalability systems and high performance so typical of Big Data analysis.

Grace's main objective, therefore, is to provide the CFO (Chief Financial Officer), the CRO (Chief Risk Officer) and the CCO (Chief Compliance Officer) with the tools and information required for Bank Governance, starting with the collection, standardization, certification, reconciliation, enhancement and historicization of all the elementary data, then organizing them according to the final user's specific needs, in order to:

  • make decisions with the utmost confidence
  • respond within requested times
  • make the same information available to business structures that will use them for analysis/evaluation of clients, processes and proposals.

Grace is a federalized application platform, comprising an ODS (Operational Data Store) database and common functions for CFOs, CROs and CCOs, which are specialized for the banking world. There are also three vertical applications that are specialized by area: Basilea III and Corep (Risk Management) and Finrep (Budget).

For all applications, there are the tools for:

  • Data & Process Governance that guarantees centralized information and process management for the entire system. The tool allows the client to implement the models according to its specific needs and guarantees  parametrization for impact analysis, which supplies the user with an analytical preview of the information and process impact of each variation
  • Data Quality Management that guarantees centralized management of information quality and analysis of the improvement processes
  • Data Publisher that guarantees use of all the information assets for Client Data Mart or supply of third party applications, all using the Data & Process Governance tool and therefore  tracing the extracted data and processes to which they are subjected.

Grace is also open to integration with third party applications, in particular the ones concerning Central Local Bank Reporting, other Authorities (e.g. AML, Market Abuse, Antiterrorism, Local judiciary), Performance Management and Audit.