Commerzbank Europe (Ireland) provides wholesale banking transactions, including syndicated loans, loan participations, money market and asset backed securities, to service multi-national commercial clients. Previously, Commerzbank Europe (Ireland) used heritage systems to extract data from a central data warehouse to meet its regulatory reporting requirements. The introduction of the new CRD reporting obligations by the Regulator meant that developing the existing system to meet the new requirements would not be viable in the timescales.
Commerzbank’s subsidiary in Luxembourg also uses FRSGlobal’s FinancialAnalytics and DataFoundation to provide Basel II reporting for the Benelux countries, which will enable other entities to take advantage of the economies of scale from using the single solution from FRSGlobal.
Darrell Colgan, Head of Finance and Risk Control at Commerzbank Europe (Ireland) commented: “I tend to use a house building analogy. If the foundations are not right there is no point in building an extension – it’s better to design the house with the extra room, put in the foundations, then build it. There was no point in just developing an add-on solution to meet the Basel II requirements, and we took the opportunity to assess our whole reporting requirements. We completely changed the foundations of our reporting processes. Commerzbank in Luxembourg was already using FRSGlobal’s solutions, so it made sense to adopt the same solution in Ireland.
This not only saved us valuable evaluation time but also made sense from a technical standpoint. Having standardised on a central data warehouse across the bank, having one standard repository for regulatory reporting fits the strategy nicely. Much of the mapping from the data warehouse for the Basel II reporting can be done centrally, and can therefore be re-used for each country regulated under Basel II.”
Steve Husk, CEO of FRSGlobal concluded: “Commerzbank will be able to benefit from the ability to use the same solution whether it’s Luxembourg and/or Ireland reporting under Basel II; or Brussels, Amsterdam and Paris doing prudential reporting. This provides economies of scale and synergies over the group, and has a stabilising effect on the knowledge pool as experience is not needed in every office”.