Mindtree released results of their Strategies for Achieving FATCA Compliance survey. Conducted in May and June 2014, the survey examined the challenges that risk, compliance and IT decision makers face in achieving FATCA compliance.
“This survey reinforces that there are still many hurdles to be overcome to become FATCA compliant,” said Gaurav Johri, Senior Vice President and Head of Banking, Financial Services and Insurance at Mindtree. He added, “What most risk, compliance and IT decision makers need to understand is that executing a comprehensive product assessment helps avoid unintended impact of FATCA on their offerings. An assessment validates the way a FATCA-compliant product is offered while dealing with the variables of the client, their location and the generation of US sourced Fixed, Annual, Determinable or Periodic (FDAP) income.”
Complying with FATCA through a product assessment is a complex task with multiple work-streams. To assist financial institutions, Mindtree has developed a FATCA quality assurance pack to reduce testing effort and costs up to 20%, identify gaps in the implementation process, report issues to stakeholders and enable informed decision-making.
Part one of the pack focuses on test planning to assess the FATCA implementation and design a scope for data-centric, functional, performance, security and interface testing. Part two centers on the test automation, agile testing and product assessment. The third and final part of the pack examines the test results and identifies gaps.
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