DnB Nord implements FinArch for IFRS accounting
17 July 2007 | 1736 views | 0
Source: Financial Architects
Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that DnB NORD Group has selected Financial Studio as the core platform to satisfy its IFRS accounting and local regulatory reporting requirements in six countries.
DnB NORD Group started its operations in January 2006 and has a strong presence in North Eastern Europe. Having already selected Financial Studio as its Strategic Global Capital Management Platform earlier this year, IFRS accounting and local regulatory reporting functionality will be delivered by the same common platform and single source of data. The implementation of Financial Studio will embrace the whole of DnB NORD Group, including Denmark, Estonia, Finland, Latvia, Lithuania and Poland. The project will be based on re-use of core components from Financial Studio and sophisticated functionality for accounting and reporting in addition to capital management functionality already under delivery.
The project will be executed in subsequent phases to produce first productive results within a minimum of time. The primary focus of the first phase is to ensure that DnB NORD Group complies with IFRS regulations within the timescales dictated by the regulatory supervisors in each country, while simultaneously replacing its local regulatory reporting solution in a number of priority geographies.
DnB Nord Group decided to select Financial Studio as its Strategic Global Capital Management solution late in 2006. The Bank's IT, Risk and Finance management team, led by Robin Oberst, IT Projects Manager, soon realized the tremendous benefit of the robust and functionally rich FRP concept delivered by Financial Studio. Having considered a number of alternative solutions, the bank decided that the best practice approach to continuing to meet accounting and compliance requirements was to implement them via an integrated finance and risk management platform, Financial Studio.
Financial Studio offers broad and deep risk management and MIS calculation and reporting functionality, which ensures the bank to be regulatory compliant. At the same time, the Financial Studio Finance Resource Planning (FRP) platform provides powerful accounting functionally for IFRS coupled with complete with an integrated regulatory reporting capability.
Robin Oberst, IT Projects Manager at DnB NORD Group in Copenhagen comments: "We are focused towards leveraging information technology to the benefit of the business user, in this case, our Risk, Finance and Compliance teams across the DnB Nord Group. As part of a strategic transformation initiative it makes perfect sense to implement an integrated solution to meet our Finance Resource Planning needs, both now and for the longer term. While strongly satisfying our requirements for IFRS accounting and local regulatory reporting, the ability to implement this functionality in to an integrated solution already selected for our capital management and Basel II initiative, we expect to gain significantly from economies of scale and operational efficiency. We look forward to broadening our relationship with our colleagues from FinArch."
Nigel Lee, Vice President Global Business Development for FinArch adds: "The Finance Resource Planning concept delivered by Financial Studio is now recognized as a best practice approach for Financial Transformation world-wide. We are delighted that so soon after selecting Financial Studio as their Basel II solution, DnB Nord Group are able to join a growing number of banks who trust Financial Studio as their new generation of Risk and Finance Management platform. Again, it is our knowledge, expertise and professionalism gained from similar strategic projects in Europe, North America and the APAC region that I am sure provide DnB Nord Group with a high level of confidence in our ability to deliver best of breed solutions in a business benefit orientated manner. The DnB Nord Group relationship is of considerable importance to FinArch and we very much look forward to a long term partnership with our colleagues in the bank."
Financial Studio's accounting solution comes with an extensive range of functionality to address the requirements of International Financial Reporting Standards (IFRS). IFRS is not just about reporting, Financial Studio considers all of the necessary functionalities associated with calculating for IFRS GAAP delivered via a flexible Event Based Accounting Engine. Financial Studio is a powerful Subsidiary Ledger providing a multi-GAAP accounting environment complete with extensive consolidation and reconciliation functionality. Coupled with Gartner Magic Quadrant rated Capital Management and MIS functionality, including Basel II, RAROC and Economic Capital, the solution also delivers integrated regulatory reporting for CoREP, FinREP and local regulatory reporting functionality for over 12 countries 'out of the box'. Financial Studio is rapidly becoming the solution of choice for many banks world-wide, which choose to effect strategic financial transformation in a component based, minimal risk and business justifiable manner.