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How We're Improving Financial Performance and Regulatory Reporting for Canadian Credit Unions

by Graham Goble on May 25, 2023

BankBI is now running regulatory reporting projects with twenty credit unions that are provincially regulated in Saskatchewan, Ontario, British Columbia, Manitoba, and federally regulated by OFSI.

There are significant changes affecting credit unions in British Columbia and Ontario. In British Columbia, there’s a capital modernization project to bring credit union reporting up to Basel III standards. While in Ontario, FSRA is running an enhanced data collection project to start receiving instrument-level data from the credit unions.

We're proud that BankBI is participating in projects in both provinces to help credit unions to navigate these changes.

Here are six ways we're helping Canadian Credit Unions to improve efficiency.

6 Ways We're Helping to Improve Financial Performance and Regulatory Reporting

1. Creating greater efficiency using automation to remove time-consuming manual work.

2. Establishing a full audit trail for regulatory reporting using our fully-automated system.

3. Reducing key person dependency to reduce single points of risk for regulatory and management reporting.

4. Moving from a monthly financial reporting cycle to a daily financial reporting and banking analytics cycle. 

5. Using one platform, like BankBI, to solve data and reporting needs for multiple stakeholders with a single source of truth reconciled and signed off by the credit union’s finance department.

6. Replacing legacy systems to bring greater innovation to Canadian Credit Unions.

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Why are Credit Unions Choosing BankBI?

BankBI has invested heavily in upfront research and development to standardize the approach to interfacing with the most popular core banking and general ledger systems in Canada.

Leading technology vendors including Celero, Fiserv, and CGI use these interfaces for:

  • Automation of provincial and federal regulatory reporting
  • Daily financial reporting
  • Loan, deposit, and member analytics

Bringing Innovation to Canada

BankBI has signed its first Wealthview credit union and this adds to the growing number of Fiserv DNA and CGI RFS clients.

Our cloud-based analytics and performance management solution plays a leading role in Ontario, where we work with Frontline Credit Union on the new Enhanced Data Collection project which requires instrument-level data to be supplied to FSRA.

Additionally, BankBI is supporting new regulatory reporting requirements, brought about by the Capital Modernization project. We help credit unions meet the requirements, assess the impact on capital requirements, and plan the transition to the new regulatory capital framework.

With the addition of a full Planning & Budget application and new Asset Liability Reporting during 2023, credit unions can enjoy increased value out of the box by using the same regulatory reporting data set in the BankBI application. Learn more about how we support Canadian Credit Unions, here.

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