RegTech Solutions for Digital Transformation
Leading RegTech Consulting & Services company based in California, serving a growing list of customers nationwide and internationally through its operations spread across USA, India & Australia. Our core areas of expertise are – Consulting and Services for Automation of Accounting Standards Compliance, Enterprise Financial Solutions and Analytics. We deliver ‘best in class Financial Controls and Automation, Systems Integration as well as value-added consulting services to organizations of all sizes and industries
Protominds offers software solutions to automate regulatory data requirements for enterprises and financial institutions to optimize the cost of change involved with each new evolution of financial regulations through Regulation-as-a-Service (RaaS) in a software framework platform enabling enterprises & financial institutions to process large volumes of granular data and output the required regulatory data, calculations, risks and reports with the necessary controls and governance.
Our core areas of expertise are – Consulting and Solutions for Automation of Accounting Standards Compliance, Enterprise Financial Solutions and Analytics. We deliver ‘best in class Financial Controls and Automation, Systems Integration as well as value-added consulting services to organizations of all sizes and industries.
& strong symbiotic ecosystem
partnerships for faster time-to-market
ensuring consistent field-ready
commercial grade software delivery
We are using FiNiCS, a software application developed by Protominds to calculate the Expected Credit Loss (ECL) for one of our clients for the last several quarters. ECL is computed by the system as per the requirements of the Accounting Standards for Financial Instruments. The system computes Probability of Default (PD) which in turn is used to construct multiple scenarios based on forward looking macro economic data to compute the probability weighted scenarios for that loan portfolio. The loan portfolio had about 1.20 million housing loans having an approximate outstanding principal amount of INR 2 Trillion (USD 29 Billion).
CA Yagnesh Desai,
YM Desai & Co. Chartered Accountants
Membership No. 34975
15th March 2019
The Software Application – FiNiCS developed by Protominds is an extremely useful resource to compute the fair value of severeal financial instruments, including the computation of Expected Credit Loss as per the requirements of the Accounting Standards for Fair Value and Financial Instruments. The software application is hosted on the cloud and we use the same for computing the fair value of loan portfolio of a large auto finance company and other such financing companies. For each loan cash flows are generated taking into account the probability of default and the loss given default. Such cash flows are discounted with the appropriate rate that covers the risk free rate and the entity specific credit spread.
Yoganad & Ram
Membership No. 206712
25th August 2019
FiNiCS is a software application that is developed by Protominds which enables one to comply with the regulatory requirements based on the latest Accounting Standards. It computes the fair value of different financial instruments like equity investments in unlisted entities, financial guarantees, Expected Credit Loss for short term receivables and for loan portfolios etc. The system computes the requisite numbers once the necessary input files are uploaded. As a registered valuer, it is truly an important companion for performing my valuation work especially for large financial institutions and my various other clients.
CA S. V. Mathangi,
M C Ranganathan & Co.
Membership No. 207228
15th June 2019
How ProtoMinds Engages with Customers
The Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) will enter into … Compliance with these rules of conduct must be documented. … an easily understandable basic information sheet for financial instruments.
Big banks are making progress in preparing for the new accounting requirements around credit losses, but non-bank operating companies are likely to …
Financial Firms Largely Unprepared for LIBOR Transition: Survey … Although 84% of financial firms have a formal LIBOR transition plan in place, only … fully documented product flows, and compliance with regulatory requirements.
Credit unions were initially told to comply by 2022 but FASB’s proposal would extend that by one year. “A one-year delay of CECL’s effective date will …
… Behnam issued a dissenting statement expressing, among other things, concerns about “narrowing the scope of financial instruments subject to the …
Fraud and financial crime in the insurance space has risen sharply in recent years. … (PSD2) and the updated Markets in Financial Instruments Directive (MiFID II), … Insurance companies must reduce compliance risk and adopt best …
Under the final rule, the most stringent compliance requirements apply to … Under the 2013 rule, the purchase (or sale) of a financial instrument by a …
Islamic law — known as Sharia — is based on the teachings of the Quran and includes regulations concerning financial activities, asserting them to be …
… LIBOR is linked to around US$400 trillion in financial instruments, including credit swaps, securitizations, student loans and mortgages. … remediation & compliance transformation group within Accenture’s Finance & Risk practice.
There’s a plethora of challenges to consider, including their vendors’ product readiness; unvalidated assumptions in product design and transition …