SOURCE: FRSGlobal

December 02, 2008 08:00 ET

Manulife Bank of Canada Selects FRSGlobal to Meet Canadian Regulatory Reporting Requirements

Manulife Bank Turns to FRSGlobal to Automate Regulatory Reporting Process

TORONTO--(Marketwire - December 2, 2008) - FRSGlobal, the only global provider of risk and regulatory compliance solutions on a unified platform with coverage for over 30 countries, today announced that it has been selected by Manulife Bank in order to meet Canadian Statutory reporting (SRDM) and Canadian Basel II Standardised reporting (BCAR) requirements.

FRSGlobal was selected due to its proven ability to deliver reporting tools and solutions that will help Manulife Bank save valuable time and resources by automating their Basel II Capital Adequacy Reporting principles.

FRSGlobal is working with Manulife Bank's central project management advisory and IT finance divisions to ensure a smooth implementation and expects to complete the project by December 2008 -- in time for a parallel run of the Q4 2008 financial reporting needs. The bank aims to fully transfer over to FRSGlobal's automated solution by Q1 2009. Manulife Bank is also interested in pursuing FRSGlobal's Basel II New Credit Risk (NCR) reporting solution at the completion of these software installations.

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

"Canada's banks are amongst the most forward thinking institutions in the world as they continue to adopt Basel II Capital Adequacy Reporting principles. We are delighted that Manulife has joined the growing number of banks in Canada to adopt FRSGlobal's BCAR reporting platform.

"At a time when regulatory scrutiny will only assume greater significance in the financial industry, we look forward to working closely with the Manulife team to ensure their reporting requirements continue to be met."

About FRSGlobal (www.frsglobal.com)

FRSGlobal is the only provider of global risk management and regulatory compliance reporting solutions on a unified platform with a single global data model that has coverage for over 30 countries.

The firm is dedicated to risk and regulatory compliance and supplies financial organisations worldwide with an independent and cost-effective multi-country risk management and regulatory reporting platform.

Subscribing clients benefit from the FRSGlobal Guarantee -- "to keep the reports up-to-date with regulators' requirements" and the FRSGlobal REPORTINGCentre which provides reports that meet regulators' requirements, covering all the major financial instruments, and has the ability to create and run ad-hoc (internal/prescriptive-style) reports using data stored in the centralised risk management and regulatory data repository.

FRSGlobal RISKCentre encompasses the RiskProfessional (riskpro™) which covers Asset Liability Management (ALM), market and credit risk analytics including exposure analysis, value at risk, funds transfer pricing, dynamic simulation, limits, historisation, Basel I and II, risk-adjusted performance analysis, credit exposure, credit loss and IFRS 39 and RiskResolve is highly configurable enterprise operational risk solution that provides a unified, consistent framework for defining, measuring and managing risks, internal controls.

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. FRSGlobal dedicates 25% of R&D annual expenditure to researching regulations and meeting with regulators, which results in an unparalleled Centre of Risk & Regulatory Excellence (CoR2E) that supports the FRSGlobal Guarantee.

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

  • COMPANY CONTACT:
    FRSGlobal
    Rebecca Bond
    Global Director of Marketing
    Tel: +44 (0) 20 7539 6548
    Email: Email Contact

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    Michael Kane
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    PRESS CONTACT:
    Penrose Financial
    Andrew Nicolls
    Senior Partner
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