September 01, 2009 10:25 ET

FRSGlobal Delivers Record Number of Regulatory Reporting Updates to U.S. Banking Customers in Q2 2009

NEW YORK, NY--(Marketwire - September 1, 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 delivered over 3,300 regulatory reporting updates to all U.S. banking customers in Q2 2009.

The updates were in response to the changes in the FFIEC 041, FFIEC 031, and FR Y-9C reports mandated by the Federal Financial Institutions Examination Council (FFIEC) and Federal Reserve (FR). The regulatory reporting updates encompassed layout changes, allocation changes, delivery changes and validation changes.

All FRSGlobal U.S. banking customers received the updates automatically and in time to meet the Q2 filing deadlines. FRSGlobal customers benefit from the FRSGlobal Guarantee, which ensures that the regulatory reports will remain compliant and up to date.

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

"This is a great example of the value FRSGlobal delivers to its customers in the USA. We are committed to keeping all of the reports up to date and to making them available in a timely manner. The FRSGlobal development team has once again done an outstanding job in responding to the record number of changes authorized by the FFIEC and Federal Reserve. There were a record number of changes in Q2 and the report guarantee service we provide has meant that our customers will remain compliant without the need to hire extra staff or incur any extra costs. This is not a one-time aberration. Regulatory reporting is only going to become more comprehensive and onerous in the future, with the implications of late or inaccurate filing being more serious. There are a number of major proposals about to be voted on that are going to impact the regulatory reports filed by U.S. banks. FRSGlobal's report guarantee will ensure that our customers do not have to worry about the impact these proposals will have on their day to day business."

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