With this most recent go-live, FRSGlobal is assisting the banking group to meet the specific regulatory reporting issues faced by firms headquartered outside of Japan. The regulatory reporting solution provides:
â¢ Dual language reporting templates (Japanese and English);
â¢ Support of multiple exchange rate sets (head office exchange rate, reserve rate and Shorei rate), in both Japanese yen and United States dollar;
â¢ Computation of both the required end of month balance reports and monthly average balance reports;
â¢ Profit and loss calculation based on average rates; and
â¢ Display of Japanese characters and regulator-specific required codes, such as country codes in three-digit format rather than International Organisation for Standardisation (ISO) city codes.
Steve Thurley, VP Asia Pacific and Japan (APJ), FRSGlobal, said: âOur key differentiator in the Japanese market is our unrivaled regulatory reporting expertise that we have built up over 22 years. A lot of other vendors in this market put the onus on banks to tell them exactly what functional requirements need to take place and when regulatory requirements change. It is at this stage that the bank usually comes across additional development costs. The difference with our solutions is that customers can opt to take our added regulatory update service which keeps reporting templates and required calculations current - ultimately saving banks extra development costs.â
The banking group chose FRSGlobal to support 33 branches worldwide in July 2010. So far the banking group has gone live with FRSGlobalâs regulatory reporting in Belgium, Hong Kong, Ireland, Luxembourg, Portugal, Singapore, Switzerland and the UK, with Australia and India following in the next few months.
Shawn Paul, Product and Services Director - Asia Pacific and Japan (APJ), FRSGlobal, commented: âClose collaborative work undertaken by FRSGlobal and the banking groupâs solution-orientated implementation teams has meant that we have been able to work out the most efficient processes for each country site, which is really starting to pay dividends for the banking group. By leveraging clean, reconciled data and having an experienced group of experts based in the central Singapore hub, the banking group is benefiting from the advantages of having our global regulatory reporting platform in place.â
FRSGlobal solutions are enriched with content including pre-defined regulatory reports and stress testing libraries, and are employed daily across the globe by firms to meet increasingly complex external (regulatory) and internal (management) reporting obligations. With the new web-enabled technology, FRSGlobalâs customers benefit from the following functionality from any web browser:
â¢ A single repository of validated data originating from a plethora of source systems - DataFoundation;
- Regulatory reporting solution, which enables financial institutions to address major regulatory and compliance requirements locally and globally â at branch and head office level; and
- Unified risk and profitability analysis solution, which provides profitability analysis across the following risk types: Asset Liability Management (ALM), Liquidity, Market, Credit, Basel II, IFRS, Solvency II, Funds Transfer Pricing and Economic Capital.
In addition, subscribing clients benefit from the FRSGlobal Regulatory Update Service, which helps maintain regulatory reports in line with the regulatorsâ requirements. FRSGlobal Centre of Risk & Regulatory Excellence monitors risk and regulatory activities around the world.