FRS, a leading global provider of enterprise risk and regulatory compliance solutions, today announced that it has won a contract with LRI Landesbank Rheinland-Pfalz International S.A. in Luxembourg, the private bank and fund manager.
LRI Luxembourg will implement the FRS regulatory reporting platform across all of its Luxembourg's operations, thus enabling it to comply with both IFRS and Basel II reporting requirements.
LRI Luxembourg selected FRS ahead of other providers on the market because it offered a solution that could address the complex reporting requirements of its innovative instrument portfolio across four business divisions - private banking, fund management, treasury and capital markets - by consolidating them onto one platform.
Volker Kron, head of the accounting unit of LRI Luxembourg said: "I have worked with FRS in the past very successfully and it has a great reputation in the market place. We wanted to take the opportunity to migrate to a single regulatory reporting package that not only covered current regulatory reports for our four main business units but that would also be able to lead us through regulatory reporting requirements due to come into effect in 2008."
Jeroen Gruijters, VP Professional Services at FRS, said: "We are delighted to say that the project at LRI Luxembourg is currently on track with the help of one of our key products, Data Foundation. The first reports for the current Luxembourg returns across all the business units have been produced and the next step will be to evolve to the new regulatory regime in preparation for the 2008 compliance deadlines. We are particularly pleased that we are able to provide support for the complex instruments that LRI trade, including CDS, OTC derivatives & structured products"