Fideuram Bank (Luxembourg) has chosen FRS, a leading global provider of enterprise risk and regulatory compliance solutions, to upgrade its reporting systems to address upcoming financial regulation. FRS FinancialAnalytics will provide a platform for Fideuram Bank (Luxembourg), which is wholly owned by Banca Fideuram, to tackle the stringent reporting requirements set out by Basel II and IFRS.
Fideuram Bank (Luxembourg) is a part of the Italian banking group Intesa Sanpaolo, a market leader in retail and corporate banking, asset management, corporate finance and trading. Once implemented, FRS FinancialAnalytics will enable Fideuram Bank (Luxembourg) to deliver the data required for COREP (Basel II) and FINREP (IFRS) reports. FRS was selected ahead of the competition because of its proven implementation success in the region and its in-depth knowledge of financial reporting regulation.
Vincent Burgraff, director of Organisation & Systems at Fideuram Bank (Luxembourg) commented: “Before deciding on FRS we wanted to ensure that we would be using the best possible solution according to our needs and constraints. It was clear after reviewing the other systems that the FRS solution was fulfilling all these conditions. Not only was our relationship with FRS already very good but the upgrade process was the most straight forward causing the least disruption to our operations.”
Steve Husk, chief executive of FRS, continues: “This contract is further proof that we are the only suppliers in the industry that have not only the technology but the in-depth knowledge of the regulations to guide our customer through the process of meeting the stringent requirements of the new reporting standards coming into effect in January 2008.”