Major growth in Europe fuels need for consolidated regulatory reporting
FRS, a leading global provider of enterprise risk and regulatory compliance solutions, today announced that it has been selected by Lombard Odier Darier Hentsch & Cie Private Bank to provide a new reporting platform to consolidate the reporting process across an initial six countries in Europe. The decision to implement FRS FinancialAnalytics was driven by the bank’s growth in Europe over the past five years and the need to streamline the reporting process across multiple regimes.
Founded in 1796, Lombard Odier Darier Hentsch & Cie is the oldest firm of private bankers in Geneva. Present in 17 countries throughout the world, it is one of the largest firms of private bankers in Switzerland and in Europe.
Lombard Odier Hentsch & Cie’s growth in Europe and its entry into major cities meant that it was facing many more and different regulatory reporting requirements than ever before. This meant that the reporting process had become over-complex and the effort required to gather reporting data had become greater every time the bank expanded its business presence.
The answer was therefore to formalise the process of regulatory reporting and to become more efficient in the process. Lombard Odier Darier Hentsch & Cie looked for a single tool that it could use to produce regulatory reports in all of its markets and to interface with its existing MIS and reporting systems. A thorough audit of the options on the market led the bank to choose FRS FinancialAnalytics, which it will be rolling out across six initial markets (Belgium, France, the Netherlands, Singapore, Switzerland and Spain).
Steve Husk, CEO of FRS, said: “We are delighted to work with Lombard Odier Hentsch & Cie on this project, which serves to demonstrate the value of FRS FinancialAnalytics to pan-European banks who grow into multiple territories organically. Each country has its own regulatory regime that may well change over time as new regulations are introduced and banks need to work with partners who understand the global picture, not just a local regime.”
Christian Morel, Group Financial Controller at Lombard Odier Darier Hentsch & Cie, said: “Our search of the regulatory reporting software marketplace led us to make the decision to work with FRS. We had worked with FRS in the past, in Switzerland, and our experience had been very positive – we expect this project to proceed equally well and we look forward to working with FRS in the future.”