FRS FinancialAnalytics provides cost-effective, consistent and consolidated foundation for Basel II and IAS compliance.
London. 17th February, 2003 – FRS, a business unit of S1 Corporation, and a leading global provider of regulatory and financial reporting and analytics solutions to more than 600 financial institutions around the world, today announced the introduction of FRS FinancialAnalytics, the industry’s first regulatory and financial reporting solution optimised for global banks. With this solution, FRS provides global banks with a cost-effective, consistent and consolidated foundation for Basel II and IAS compliance that spans multiple countries and lines of business.
"The continued pressure to manage risk and optimise capital is forcing banks to completely rethink their data infrastructure," said Deborah Williams, group vice president at Financial Insights (formerly Meridien Research). "As a first step, banks need to build a comprehensive financial data layer on top of existing back-office systems that can be used to produce an increasingly complex set of regulatory and management reports. In addition, this financial data store can be used to transform decision making by delivering valuable business intelligence like risk adjusted return on capital data out to line managers to help drive more profitable decisions."
FRS FinancialAnalytics offers customers a comprehensive suite of financial intelligence and analytical solutions built on top of a robust global data foundation that can be readily adopted to support emerging industry standards such as XML and XBRL. Key components of FRS FinancialAnalytics include:
FRS Data Foundation: At the core of FRS FinancialAnalytics is a pre-built data store incorporating support for the unique financial products and local regulations of more than 20 countries around the world. FRS Data Foundation also includes sophisticated calculation engines and business processes that clean, validate and enrich data to enable the production of consistent and accurate reports across multiple lines of businesses and countries.
FRS Data Capture: FRS Data Foundation includes an optional data capture mechanism that acquires and validates data from multiple systems and input sources, applying business rules and audit facilities, and consolidating the data into the FRS Data Foundation. FRS Data Capture includes an intuitive graphical tool that allows business users to easily define business rules and associate them with specific business events.
FRS Analytics: Built on top of the FRS Data Foundation is a comprehensive suite of analytic applications designed to automatically produce regulatory, risk and performance reports that facilitate compliance and control while also providing timely business insight. Specific applications include:
FRS Regulatory Reporting, currently marketed as FiRE, provides customers with local compliance and global consistency. FRS Regulatory Reporting includes more than 20 country specific modules that help financial institutions stay in step with the statutory requirements of central banks and supervisory agencies to produce timely, accurate and compliant financial reports.
FRS Risk Measurement supports essential risk analysis and capital allocation, providing customers with the foundation for effective operational management and Basel II compliance. FRS Risk Measurement supports credit risk analysis using the Standard Method, the Foundation Internal Ratings-Based (IRB) Approach, and other mitigation techniques.
FRS Performance Measurement offers a customised management dashboard, presenting key performance indicators by which an organisation can monitor and manage its operations. The data that is pulled together for financial reporting now gains true value as financial intelligence for the business.
FRS Enterprise Reporting: Users across the extended enterprise can gain additional business intelligence by using the FRS Enterprise Reporting portal for financial reporting and analysis, drill-down/up, ad-hoc reporting and time-series tracking of metrics and key performance indicators.
"With FRS FinancialAnalytics, global banks now have a low risk, cost-effective roadmap for addressing the unique challenges associated with Basel II and IAS compliance," said William A. Soward, general manager of FRS. "FRS FinancialAnalytics combines literally hundreds of man years of local regulatory and financial reporting experience into a pre-built, enterprise class solution that provides local compliance and global consistency."
An initial deployment of FRS FinancialAnalytics is already underway at a top ten global financial institution. Additional deployments are planned for later in the first quarter of 2003. The product is expected to be generally available in the second quarter of 2003.