HVB Luxembourg upgrades regulatory reporting with FRS
23 May 2007 | 1401 views | 0
FRS, a leading global provider of enterprise risk and regulatory compliance solutions, has announced that it has secured a contract with HVB Luxembourg, a bank of the UniCredit Group, to implement new software to support Common Reporting (COREP) and Financial Reporting (FINREP) Standards. 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.
By implementing FRS' FinancialAnalytics software HVB Luxembourg will have the opportunity to consolidate its financial reporting onto one single database. Before selecting FRS's software, the bank used a number of different reporting tools across its business, none of which could provide the data required for the new regulatory reporting requirements. .
HVB Luxembourg carried out a thorough review of the market and selected FRS because it could provide a single solution for the automation of regulatory requirements and processes - allowing compliance to the new standards by the end of 2007. A further benefit of the single database approach provided by FRS is that it will create a databank that can be used for other management information purposes.
Henri Zimmer, Accounting & Controlling, HVB Luxembourg, commented: "In the current European regulatory climate, it is absolutely essential that we can report quickly and accurately on our financial operations. Working with FRS will enable HVB to meet stringent European compliance requirements and will further benefit us by having one central system."