A selection of the 40+ firms that have successfully gone live with the solution include ABC international Bank, Attijariwafa Bank Europe, BGFI International, BNP Paribas Wealth Management Monaco, Ecobank, EFG Gestion PrivÃ©e, Fideuram Monaco, HSBC Private Bank, Intesa SanPaolo, KBC Bank, LaNef, Rabobank International Bank, and Banque Cantonale de Geneve SA (BCGEF).
Christophe Sabara, ITO Manager, BCGEF said: âWe wanted to replace our existing regulatory reporting solution as we experienced many difficulties around the implementation of a SURFI module. FRSGlobal brought us all the answers in terms of technical, functional and budget requirements in line with our specifications. It is also the environmental knowledge of the bank and the scalability of the solution that focused our choice for FRSGlobalâ
As announced in April 2010, the partnership involved both Semansys and FRSGlobal working together to bring their reporting application into alignment with the SURFI regulation from both regulatory rules and XBRL delivery capabilities. Since introduction of SURFI, Semansys and FRSGlobal have worked hand in hand to leverage this initial success onto FRSGlobalâs Spanish regulatory solution. Further steps in the partnership will focus on increasing efficiency in the FRSGlobal XBRL-enabled solutions and fully leveraging the Semansys XBRL technology.
Stephane Jauffret, Regional Manager France & Africa, FRSGlobal, stated: âWith XBRL, financial regulators can drive reporting requirements in a much more active way, adding validations and thus improving data quality at a rapid pace. It is essential then, banksâ software providers adopt the technology in order to help banks to cope with this pace easily. By harnessing XBRL technology, we are able to provide very dynamic interaction between a firm and its regulator, as exemplified in our successful SURFI implementations.â
SURFI was introduced by the French regulator to reduce the regulatory reporting burden by over 25% by deleting redundant data and modularising reports. All financial institutions will be required to submit a common set of 10 reports.
Paul Snijders, CEO, Semansys, added: âIt is a joy and a pleasure to see how FRSGlobalâs sound reporting foundation combined with Semansysâ advanced XBRL technology platform is assisting banks to reduce complexity and ensure top quality processes for SURFI reporting. Our xbrlOneâ¢ platform is utilised to assist businesses and regulatory bodies with their XBRL processes, so we look forward to continuing our integration with FRSGlobal to ensure that even more customers can comply with further regulations via the power of XBRL.â
FRSGlobalâs SURFI solution is integrated into its regulatory reporting solution, RegPro, and contains the following key features of the FRSGlobal SURFI solution addressing the demand by the regulators for:
â¢ 70+ templates;
â¢ 1000 calculated items from the templates;
â¢ 23 defined dimensional attributes (up to six levels of imbrications).
FRSGlobalâs full regulatory reporting solution consists of:
â¢ A single repository for both risk & regulatory data;
â¢ Capability to organise information to support executive decisions and define internal management-style reports;
â¢ Easy-to-use software that helps to automate the generation of risk and regulatory reports;
â¢ Fully defined automated regulatory reports for 40+ countries, with the FRSGlobal Regulatory Update Service to help keep firms in line with regulators' requirements which, in the current climate, significantly eases the regulatory burden on financial institutions; and
â¢ A library of submitted regulatory reports with the ability for audit through full drill-down/up functionality for rapid investigation into how the figures were derived.