Source: FRS
FRS, a leading global provider of enterprise risk and regulatory compliance solutions, today announced that it has been selected by Dresdner Bank Luxembourg to provide a new software platform. The new platform will enable Dresdner Bank Luxembourg to meet the stringent requirements of new Common Reporting (COREP) and Financial Reporting (FINREP) Standards.
Dresdner Bank needed to address its reporting capabilities in line with new regulatory requirements in Luxembourg due to come into force by January 2008. COREP and FINREP are guidelines set out by the Committee of European Banking Supervisors (CEBS), to homogenise, simplify, and accelerate the exchange of financial information.
Dresdner Bank Luxembourg provides private banking, funds administration services and lending services to its customers. Its existing software was not able to produce the data required for COREP (Basel II) and FINREP (IFRS) reports, which meant it needed to upgrade its systems with a new platform.
After a rigorous examination of the market, Dresdner Bank Luxembourg decided to choose FRS FinancialAnalytics to satisfy its regulatory reporting needs, which together with FRS' DataFoundation, would provide greater longer term benefits beyond the urgent and tactical need to comply with the new requirements.
Arno Braun, Vice President, Dresdner Bank Luxembourg, said: "The criteria under examination included the company, its people and what was available within its software platform. We concluded that there was only one real choice and that FRS provided the best solution as a whole. We will begin with the FINREP and COREP project.
In addition to supporting the regulatory reporting process in Luxembourg, FRS's software will use consolidated data from Dresdner Bank Luxembourg's back office systems that support its Treasury, Private Banking, Funds Administration and Lending transaction processing engines to generate internal reports for head office in Frankfurt.
Arno Braun concludes: "The need to comply with new regulatory requirements was the trigger to upgrade our reporting systems. But this has also provided us with the opportunity to look at how we generate and use internal management information as well as new, more efficient ways to build on these activities to develop the reports required by our head office management. FRS was theas the only company we identified that could both meet all of these requirements and deliver a platform that would continue to support us in the medium to long term."