FERNBACH, a leading provider of regulatory reporting platforms and Enterprise-wide Value & Risk Management (EVRM) solutions, has signed up NORD/LB Luxembourg. The bank opted for FERNBACHâs âFlexFinanceÂ® CSSF Reportingâ and the additional regulatory reporting module for large-scale loans.
Changes to the capital adequacy guidelines contained in Basel II have to be implemented in EU member states at the beginning of 2008. This involves the disclosure of large-scale loans in line with regulatory reporting procedure in addition to the standardised European reporting forms laid down in the European standards COREP (COmmon REPorting) and FINREP (FINancial REPorting). Although solvency has to be disclosed in reports at regular intervals, credit portfolios have to be monitored on a daily basis.
Having reflected on its lengthy and successful co-operation with FERNBACH, NORD/LB Luxembourg has decided to extend its existing solution âFlexFinanceÂ® Regulatory Reportingâ by incorporating the regulatory reporting preprocessing module for large-scale loans.
Moreover, the new, web-based FERNBACH software âFlexFinanceÂ® CSSF Reportingâ enables the bank to bring its accounting standards completely into line with the Luxembourg regulatory reporting procedure. The objective of the new COREP and FINREP regulations is to standardise and simplify the exchange of financial data. This software is geared towards the current requirements of the Luxembourg market and provides a solution based on many yearsâ experience in regulatory reporting, risk management and accounting practices.
Oliver Scharr, Head of Organisation and Project Management department NORD/LB Luxembourg, outlines the obvious advantages, âFINREP and COREP reporting introduces for the first time the need for complex pre-calculation in order to generate the reports. The FlexFinanceÂ® product line solves this issue and we are now able to nearly fully automate our prudential reporting duties.â
As a bank operating in a fast moving environment, NORD/LB Luxembourg has to rely on the rapid implementation of new software. The bankâs customer-centered approach will bring noticeable value to its clients following the implementation of the FERNBACH solution.
Fabrizio Romano, Country Manager Benelux, FERNBACH-Software S.A., âFlexFinanceÂ® CSSF Reporting and the preprocessing solution for regulatory reporting for large-scale loans allow NORD/LB to adapt to the new reporting standards as quickly, easily and efficiently as possible and to adopt a leading role. FERNBACH is fast gaining a reputation as the CSSF reporting software partner of choice.â