December 03, 2009 08:00 ET

FRSGlobal Provides Q1 2010 Reporting Changes for the New Credit Risk (NCR) Reporting and Updates to Additional Regulatory Financial Statement-Based Reports

NEW YORK, NY--(Marketwire - December 3, 2009) - FRSGlobal, the only global provider of risk reporting and regulatory reporting compliance solutions on a unified platform with coverage for over 40 countries, today announced that it will make available necessary regulatory reporting changes for Q1 2010 required by the Office of the Superintendent of Financial Institutions (OSFI) Canada, the Bank of Canada and Statistics Canada.

OSFI, the primary regulator of federally regulated financial institutions (FRFIs), has issued guidance on a significant number of regulatory changes to the New Credit Risk (NCR) reporting requirements effective for Q1 2010 filings. The OSFI reporting changes will have a considerable impact on those institutions that use the advanced methodology for NCR reporting.

In addition, FRSGlobal will also provide leading Canadian financial institutions with the following Q1 2010 changes to financial statement-based reports:

--  Significant reporting updates to the OSFI Balance Sheet (M4) Report;
--  Changes to the OSFI Income Statement (P3) Report;
--  Modifications to the OSFI Interest Rate Risk (I3) Report;
--  Revisions to the OSFI Loans in Arrears (N3) Report;
--  Report changes to the OSFI Mortgage Loans (E2) Report;
--  Considerable reporting updates to the Bank of Canada Average Assets
    and Liabilities (L4) Report;
--  Amendments to the Bank of Canada Geographic Assets and Liabilities
    (GM/GQ) Report;
--  Updates to the Bank of Canada Regional Distribution of Assets and
    Liabilities (R2) Report;
--  Structural changes to the Bank of Canada Securities (B2) Report;
--  Reporting updates to the Statistics Canada Consolidated Return of
    Assets and Liabilities (MS) Report;
--  Adjustments to the Statistics Canada Consolidated Statement of Income
    (PS) Report;
--  Reporting updates to the Statistics Canada Securities (BS) Report; and
--  Reporting template changes to the Statistics Canada Supplementary
    Questions: Balance Sheet (S1) Report.

To ensure timely delivery and compliance with regulatory requirements FRSGlobal subject matter experts interpret regulatory changes and provide the necessary reporting updates to clients.

A number of the leading banks in Canada (including four out of the six 'Big Banks') rely on the FRSGlobal solution to meet their regulatory reporting requirements. Canadian customers will automatically receive all regulatory report changes as part of the FRSGlobal guaranteed regulatory update service, ensuring that clients will always be in compliance with changing regulatory requirements.

Richard Ferrari, Vice President -- Americas, FRSGlobal, commented:

"In Canada NCR reporting is a critical aspect of the regulatory landscape and our guarantee to keep up to date with these requirements as they change is of vital importance to our local customers. We are also able to assist them with the interpretation and guidance around any regulatory changes as well as the ability to drill down into the underlying transaction data of any report. This makes the whole reporting and audit function far cheaper, accurate and more timely than the manual, spreadsheet-based alternatives."

About FRSGlobal

FRSGlobal is the only provider of risk reporting and regulatory reporting solutions on a unified platform with a single data model.

FRSGlobal solutions are a combination of modules from RegPro and RiskPro, sharing a single DataFoundation and CalculationEngine, and content (global data model and report definitions):

--  RiskPro provides profitability analysis across the following risk
    types: Asset Liability Management (ALM), Liquidity, Market, Credit, Basel
    II, IFRS/IAS32 and 39, Solvency II, Funds Transfer Pricing and Economic
--  RegPro enables financial institutions to address major regulatory
    reporting and compliance requirements locally and globally -- with reports
    for more than 40 countries.
--  Subscribing clients benefit from the FRSGlobal Guarantee, which
    ensures the regulatory reports are maintained in line with the Regulators'
--  FRSGlobal Centre of Risk & Regulatory Excellence monitors risk and
    regulatory activities in 100+ countries.

FRSGlobal has nearly 20 years of industry expertise and its solutions are used in over 1500 financial organisations -- including 41 of the top 50 global banking institutions. It is owned by the Carlyle Group and Kennet Partners.

FRSGlobal is headquartered in Brussels with a further 19 other offices in North America (Boston, New York and Toronto), Europe (Amsterdam, Brussels, Dublin, Lisbon, London, Luxembourg, Madrid, Paris, Zurich, Lausanne, Warsaw and Cluj-Napoca (Romania)), Dubai and Asia Pacific and Japan (Hong Kong, Pune and Singapore).

Contact Information

    Lauren Dearmer
    PR Manager
    Tel: +44 (0) 20 7539 6525
    Email: Email Contact

    Michael Kane
    Tel: (978) 698-7602
    Email: Email Contact