BearingPoint named as the winner for its innovative approach at the FCA’s recent TechSprint event, themed around ‘Unlocking Regulatory Reporting’
Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory software, has been awarded a top prize by a cross-industry judging panel at the recent FCA TechSprint event for providing a solution which has the biggest potential to move the UK regulatory market forward.
In response to the increasing complexity facing the UK Regulatory Reporting market, the FCA brought together developers and organisations to work collaboratively to address the challenges and shared problems within the industry. This TechSprint event, the second of its kind, focused on the theme of ‘Unlocking Regulatory Reporting’. A video of the event has been created by the FCA.
BearingPoint, together with Model Drivers – a specialty consultancy – looked to industrialise and standardise the regulatory reporting process; creating a semantically enabled Regulatory Reporting Utility – UKRep. Based on our Abacus360 solution, we were able to demonstrate the capabilities of the platform, the importance of embracing semantics, and the potential of the solution to bring about a truly revolutionary change to regulatory reporting in the UK.
Maciej Piechocki, Partner at BearingPoint, commented: “this event has provided a great platform for the industry to get together and seek to address the challenges facing it, and we are extremely proud to have been awarded the prize for demonstrating the most potential to move the industry forward - testament to the capabilities of our solution.”
Mark Shead, Manager at BearingPoint says; “the cost of compliance, and specifically Regulatory Reporting, continues to soar in the UK. It was great to be able to demonstrate that by taking a more holistic approach to this problem with a semantic based utility platform significant savings can be made across the industry as a whole”
Greg Soulsby, Co-Owner at Model Drivers, said: “we think the judges must have appreciated the innovation possibilities across the whole regulatory reporting chain. In-house systems is where the very big costs are. Model driven regulation is a game changer – our team’s proposition enables firms to simplify their in-house systems as well as their regulatory reporting function.”
BearingPoint were also given an honorable mention at the event for the most practical development, making use of existing capabilities and which has the fastest time to develop and implement.
BearingPoint is a leading globally situated, international provider of innovative regulatory, risk, and tax reporting technology for financial institutions. We offer standard software solutions along the entire regulatory value chain alongside an extensive service package of managed services, implementation consulting, and training seminars. We assist financial institutions, regulators, and central banks to increase the efficiency of regulatory reporting and data management and to comply rapidly with ever-changing requirements.
Abacus360 Banking stands for a holistic 360° approach that extends far beyond mere reporting. Based on a single data model, this solution integrates a comprehensive functionality for reporting, risk calculations and controlling KPIs. In order to keep up with the ever-changing regulatory trends and challenges, BearingPoint is continuously investing in the development of new technologies and innovative solutions such as Abacus360 Banking.
We provide end-to-end support for all of the stakeholders along the regulatory value chain. From a single financial product to an individual organization, from a particular asset class to a market sector, in one country and across borders at the micro and macro level. We serve financial institutions, intermediary regulatory platforms, regulators, and supervisory authorities with our RegTech product line.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success.