Société Générale is one of the major Banks in Morocco, has been operating in Morocco for more than a century and is resolutely committed to a long-term and sustainable development strategy, conducted to serve the national economy, to contribute to the country’s growth and to support the dynamics of bank penetration.

As part of a project to automate reporting in line with Basel regulations, we worked on the project management assistance phase, from gathering requirements and running workshops with the business units through to deployment of the solution.

Regulatory complexity: Banking regulations are often complex, with many specific reporting requirements. Banks need to have a thorough understanding of the rules and regulations issued by the central bank, which can be a daunting task.

Evolving regulations: Banking regulations frequently evolve in response to economic changes, financial crises and new threats to financial stability. Banks need to adapt quickly to new requirements, which can be costly and complex.

Data collection: One of the main difficulties lies in collecting, validating and consolidating the data needed to produce accurate reports. This can involve integrating complex data systems and coordinating with several departments within the bank.

In-depth understanding of regulations: Establishment of a dedicated regulatory compliance team with an in-depth understanding of current banking regulations. This team monitors regular regulatory updates to ensure the bank remains compliant.

High-quality data management: Data quality is essential. We have robust data management processes in place to ensure that the data we collect is accurate, consistent and reliable.

Training and awareness: We have ensured that staff are trained in compliance requirements and how to produce compliant reports. Awareness of the importance of compliance is also essential at all levels of the organization.

Risk management: We have identified and actively managed the risks associated with regulatory compliance. This includes implementing continuous monitoring processes to detect potential issues before they become violations.

Collaboration with stakeholders: We have worked closely with the central bank and other regulatory authorities to understand their expectations and meet their requirements. Regular communication can help resolve issues more quickly.