Business Control Solutions, a leading provider of financial governance, risk and control software to the banking and financial services markets, today announced that following a competitive evaluation and tender process a leading Swiss financial services group has selected BCS Integrity(TM) to standardise and centralise group-wide balance sheet control.
The BCS Integrity web-based platform will systemise account ownership and attestation across the entire financial services group, including Investment Banking, Wealth Management and Global Asset Management to deliver greater balance sheet control, transparency and accountability.
BCS Integrity was chosen for its proven scalability, workflow and hierarchy management, KRI/KPI monitoring and its powerful MI and senior management dashboard. A further compelling reason was Integrity's ability to deliver a highly flexible solution that can support thousands of users worldwide allowing them to review and certify millions of account combinations per month from a number of different ledgers.
Adrian Somerville, Managing Director of Business Control Solutions, said: "BCS is delighted to welcome this Swiss banking group to our client portfolio. Our selection underlines the proven success we've had in supporting the balance sheet and financial close control requirements of other major financial institutions.
By implementing BCS Integrity, the banking group will be able to enhance their current substantiation process across all business units within the bank. This will enable them to achieve greater transparency and control over their balance sheet with real time visibility into the status of their account attestation process. It will also enable them to substantiate their accounts across multiple different accounting standards. We are excited by this opportunity for Business Control Solutions to deliver our market leading product to a further major financial services organisation."
The implementation and group-wide roll-out of BCS Integrity is expected to be completed within a four month time frame with 'go-live' scheduled for August 2012.
BCS Integrity provides a consistent, financial governance risk and control (GRC) framework over the entire ownership and attestation process. It facilitates simple front-end integration for multiple GL data sources and formats. By centralising the balance sheet control process from all areas of the business, BCS Integrity delivers a centralised, consistent process and reporting structure. The account ownership functionality ensures that a named owner is allocated to every step in the configurable sign-off process. It incorporates a controlled workflow for users, managers and account owners to highlight concerns and allows decisions to be made on timely information.