BNP Paribas goes live with FRS for central regulatory reporting

The project which is supported by FRS, a global provider of enterprise risk and regulatory compliance solutions, will enable BNPP for the first time to introduce a single centre of reporting excellence.

Once the project is complete BNPP will be able to automate the collation of the information needed for regulatory reporting purposes across offices, countries and lines of business into a standard model. With the establishment of a regulatory reporting centre of excellence, BNPP has already started to see a reduction in the operational risk associated with meeting the different regulatory reporting requirements across Europe.

FRS was selected because it was the only supplier who combined the in-depth knowledge of individual country regulation with the ability to facilitate multiple reporting from a single operation. Ireland is the fourth out of ten EU countries due to go live on the FRS solution.

Jan Stahlenberg, Head of F/A-FRR Competence Centre Europe at BNP Paribas BFI, commented: "FRS is enabling us to realise our vision of becoming self sufficient in terms of regulatory report production for all our operations using a single platform. The fact that we have different business interests in each country, and thus different reporting requirements in each, will no longer be a problem with this new solution."

Kurt Van Looveren, FRS' VP Products and Technology, concludes: "BNPP's vision reflects how banks and financial institutions need to approach regulatory reporting going forward. The FRS Data Foundation being used as a global data model from which FRS FinancialAnalytics can deliver reporting to comply with multiple regulatory agencies fits the BNPP vision perfectly. We are currently the only company that can facilitate multiple reporting from a single operation and we are the only company with the depth of domain expertise that can support its clients' business across the globe."