SOURCE: FRSGlobal

FRSGlobal

July 14, 2010 10:12 ET

Major Global Banking Group Chooses FRSGlobal for Regulatory Reporting in 33 Countries Worldwide

BRUSSELS, BELGIUM--(Marketwire - July 14, 2010) - FRSGlobal, the industry-recognised leader in content-rich solutions for unified global regulatory reporting and risk management, today announced that a major global banking group has selected its platform to meet regulatory demands in 33 countries worldwide.

The banking group currently uses FRSGlobal solutions in six countries* and, following a thorough selection process, has extended the scope to cover a further 27 countries** around the world with this most recent signing. The implementation will enable the group to centralise enterprise-wide regulatory and internal reporting, from both a technical and business perspective, and will ensure the group's compliance with country-specific regulators.

Steve Husk, CEO, FRSGlobal said: "This deal truly exemplifies the power of combining valuable content with a strong product, and a unique guarantee to keep reports up to date with regulators' requirements at all times. The business logic behind tying these factors together truly sets us apart in the marketplace and puts us in prime position to support banking group requirements of this scale. We confidently anticipate replicating the success of our existing projects for this group in the new countries they have identified."

The FRSGlobal team delivering these global accounting and regulatory solutions will be based across Asia-Pacific; with resources in Sydney, Singapore, Hong Kong and India.

FRSGlobal will enable the banking group to address global regulatory requirements with its solution made up of the following components:

  • A single repository of validated data originating from a plethora of source systems -- DataFoundation. One central solution, capable of extracting data from multiple systems into one physical location faces the four data challenges: availability, movement, consolidation and quality
  • Easy-to-use software that automates the generation of risk and regulatory reports -- ReportGenerator
  • Fully defined regulatory reports for that meet regulators' requirements -- ReportGlobal - with a Guarantee to keep them up to date which, in the current climate, greatly easing the regulatory burden on financial institutions
  • The ability to create own internal management information-style reports from the same source as the external regulatory reports -- ReportBuilder
  • A library of submitted regulatory reports and the ability for audit, with full drill-down/up functionality for quick and effective investigation into how the figures were derived.

Notes to editors

*The six existing countries are: Belgium, Ireland, Luxembourg, Portugal, Switzerland and UK.

**The 27 new countries are: Australia, Brazil, Canada, China, Czech Republic, Denmark, France, Germany, Greece, Hong Kong, India, Indonesia, Italy, Japan, Mexico, Malaysia, Poland, Russia, Singapore, South Korea, Spain, Sweden, Taiwan, Thailand, Turkey, UAE and USA.

About FRSGlobal

FRSGlobal is the industry-recognised leader in global regulatory reporting and risk management solutions on a unified platform. These solutions, which are enriched with valuable business content including pre-defined regulatory reports, comprehensive stress testing libraries and a powerful data mart of risk and regulatory information, are employed daily across the globe by firms to meet increasingly complex external (regulatory) and internal (management) reporting obligations.

FRSGlobal solutions are a combination of in-depth content and modules from RegPro and RiskPro, sharing a single DataFoundation and CalculationEngine on a unified platform:

  • RegPro enables financial institutions to address major regulatory and compliance requirements locally and globally -- at branch and head office level.
  • RiskPro provides profitability analysis across the nine risk types: Asset Liability Management (ALM), Liquidity, Market, Credit, Basel II, IFRS, Solvency II, Funds Transfer Pricing and Economic Capital.
  • Subscribing clients benefit from the FRSGlobal Regulatory Update Service Guarantee, which ensures the regulatory reports and delivery mechanisms are maintained in line with the regulators' requirements.
  • FRSGlobal Centre of Risk & Regulatory Excellence monitors risk and regulatory activities around the world.

FRSGlobal has 21 years of industry expertise and its high level of business content is used in over 1,500 financial organisations globally. FRSGlobal is owned by the Carlyle Group and Kennet Partners.

FRSGlobal is headquartered in Brussels with a further 20 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, Shanghai and Singapore).

Contact Information

  • US PR CONTACT
    Michael Kane
    Tel: (978) 698-7602
    Email: Email Contact