London, June 3, 2003 - FRS, a business unit of S1 Corporation, and a leading global provider of regulatory and financial reporting and analytics solutions for more than 600 financial institutions around the world, today announced that its FRS FinancialAnalytics product solution has the earned the âHighly Commendedâ award in The Banker magazineâs 2003 Technology Awards. The Banker magazine, a Financial Times Business publication, awarded FRS this status in the "Technology Leaders in Investment & Wholesale Markets" "Compliance" category. The purpose of the Banker magazineâs Technology Awards is to identify vendors that have made a real contribution to advancing shareholder value and customer service within financial institutions over the past 12 months.
New standards and regulatory reporting requirements, like Basel II, are forcing financial institutions to upgrade their systems for reporting critical financial information. To confront these increasingly stringent regulations, financial institutions are looking toward companies like FRS to provide cost-effective solutions to automate and streamline their complex, multi-country regulatory reporting and risk management processes.
FRS FinancialAnalytics provides banks with a pre-built suite of applications based on a common data model to improve enterprise performance management in the areas of regulatory, risk, and financial control. The FRS product suite delivers regulatory and financial intelligence as well as analytics, providing financial information to meet the external requirements of regulators and the internal demands of business users across the enterprise. Through its subscription service, FRS ensures on-going compliance with regulatory changes, as they evolve.
The Banker magazine Technology Awards panel of industry commentators analysed vendor solutions on the basis of objective and results-oriented criteria. The panel included Ray Morgan head of IT at HSBC, Bob Fuller, director of IT at Dresdner KB and Chris Skinner, CEO of Shaping Tomorrow (consultants). The adviser to the panel was John Stone, Managing Director of TowerGroup.
"We are delighted to accept this prestigious award from The Banker magazine," said William A. Soward, general manager, FRS. "The complexity of acting upon new regulations set out in the Basel II bank capital adequacy accord, in particular, will have profound consequences for global banks. Through FRS FinancialAnalytics, we simplify these challenges by providing a foundation on which our customers can more rapidly achieve compliance via a comprehensive, enterprise-wide solution."