Second award for BearingPoints consulting expertise for solving data collection, analytics and remittance challenges of central banks
Management and technology consultancy BearingPoint, a leading provider of Risk and Regulatory Technology (RiskTech/RegTech), has been recognized as “Central Banking Consultancy and Advisory Services Provider of the Year 2017” for its expertise in supporting central banks with the collection, analysis, and dissemination of their supervisory data.
The 4th annual Central Banking Awards celebrate the contributions central bankers and stakeholders make to central banks, central banking and national economies. Christopher Jeffery, Chairman of the Central Banking Awards Committee and Editor-in-Chief of Central Banking, stated, “We received excellent feedback on the professionalism of BearingPoint’s consultants during the awards process. The firm’s expertise with supervisory big data is helping central banks adapt in the face of fast-moving technological change.”
Dr. Robert Wagner, Global Leader Financial Services at BearingPoint, commented, "We are very proud of winning the second Central Banking award in two successive years. Our relationship to central banks is growing continuously and this award reflects BearingPoint’s expertise in supporting clients’ need to implement supervisory data collection, statistical and supervisory analytics and data dissemination. Together with the technological evolution of our Abacus product, our outstanding consulting team successfully implements regulatory frameworks, and works closely with our central banking customers in countries all over the world.”
Maciej Piechocki, Partner at BearingPoint, complemented, “Central banks are very complex organizations. BearingPoint, in delivering Abacus, fully understands this fact as well as the criticality of data collection, data analytics and dissemination for statistical or supervisory purposes. These features are embedded in our Abacus360 Regulator platform. Our specialist team, working with central banks all across the globe, are both business and technology experts. BearingPoint professionals are, in addition, particularly experienced in dealing with large volumes of complex financial services data as well as a wide range of regulatory requirements such as Basel III, Solvency II, AnaCredit, MiFID II or central credit registers.”
With Abacus360 Regulator, BearingPoint has launched a new generation data collection platform for the end-to-end regulatory value chain process of prudential supervision for central banks and supervisory authorities. Abacus360 Regulator, with its very short implementation period, is in use at several national central banks, with the current focus on AnaCredit. The upgrade to Abacus360 has added a number of self-service components which allow regulators greater flexibility. The system includes advanced analytics, reporting in XBRL, SDMX, ISO 20022, XML or Excel formats, and a new workflow manager. The system allows central banks and supervisors to conduct ad-hoc data collection or stress-testing exercises in a very efficient manner.
All Central Banking award winners have been announced on 13 February, 2017 and will be officially honored on the Central Banking Awards dinner on 23 March, 2017 in London.
With its RegTech product line, BearingPoint is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services across the entire Regulatory Value Chain for Financial Services.
Customers representing 5,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint’s RegTech products and services.
We work closely with regulators and as a member of standardization bodies like XBRL consortium, we actively contribute to the process of standard setting. We combine our regulatory expertise with our proven, reliable and future-oriented RegTech solution suite, expert consulting capabilities as well as training seminars and managed services.
Our products, built with over 20 years of experience in regulatory and tax reporting, help firms around the world to streamline processes and maximize efficiency and transparency in data collection, reporting, management and analytics.