Major global banking group chooses FRSGlobal for regulatory reporting in 33 countries worldwide
Brussels - 14 July 2010
FRSGlobal, the industry-recognised leader in content-rich solutions for unified global regulatory reporting and risk management, today announced that a major global banking group has selected its platform to meet regulatory demands in 33 countries worldwide.
The banking group currently uses FRSGlobal solutions in six countries* and, following a thorough selection process, has extended the scope to cover a further 27 countries** around the world with this most recent signing. The implementation will enable the group to centralise enterprise-wide regulatory and internal reporting, from both a technical and business perspective, and will ensure the group’s compliance with country-specific regulators.
Steve Husk, CEO, FRSGlobal said: “This deal truly exemplifies the power of combining valuable content with a strong product, and a unique guarantee to keep reports up to date with regulators’ requirements at all times. The business logic behind tying these factors together truly sets us apart in the marketplace and puts us in prime position to support banking group requirements of this scale. We confidently anticipate replicating the success of our existing projects for this group in the new countries they have identified.”
The team delivering these global accounting and regulatory solutions will be based across Asia-Pacific; with resources in Sydney, Singapore, Hong Kong and India.
FRSGlobal will enable the banking group to address global regulatory requirements with its solution made up of the following components:
• A single repository of validated data originating from a plethora of source systems – DataFoundation. One central solution, capable of extracting data from multiple systems into one physical location faces the four data challenges: availability, movement, consolidation and quality
• Easy-to-use software that automates the generation of risk and regulatory reports – ReportGenerator
• Fully defined regulatory reports that meet regulators’ requirements - ReportGlobal - with a Guarantee to keep them up to date which, in the current climate, greatly eases the regulatory burden on financial institutions
• The ability to create own internal management information-style reports from the same source as the external regulatory reports – ReportBuilder
• A library of submitted regulatory reports and the ability for audit, with full drill-down/up functionality for quick and effective investigation into how the figures were derived.