FRSGlobal, the leading global provider of multi-country regulatory reporting solutions for financial institutions, today announced it has launched 'CoRE', its Centre of Regulatory Excellence.
CoRE is the FRSGlobal antenna on the world, designed to track down the regulatory changes that affect the reporting requirements around the globe.
The rapid globalisation of the financial marketplace means that banks moving into new geographies must meet a complex and continually changing set of regulations in a range of countries. Compiled and continually updated by a dedicated team of regulatory experts, FRSGlobal's CoRE provides detailed summaries of local regulatory developments in more than 50 countries worldwide. So, when a bank is considering doing business in a new jurisdiction, they can access reports produced by CoRE via FRSGlobal's website and assess the local regulatory implications. Access to CoRE's Country Sheets is freely available, and visitors to the site can register to receive regular updates.
Furthermore, FRSGlobal's customers will benefit from in-depth analysis and updates from CoRE that will encompass not only regulatory developments at the national level, but will also monitor, analyse and report the most important global changes, such as Basel II, MiFID and IFRS. This service will be provided as a part of FRSGlobal's commitment to its customers to continue to improve quality and service and is a part of the standard subscription charge.
Steve Husk, CEO of FRSGlobal, said: "Because of the unrelenting pace of regulatory change and the increasingly global business activity of our clients, we have modified our business model. Our clients are looking for FRSGlobal to continually review all aspects of our business, including how we charge for software and services. It is no longer appropriate for our clients to be forced to buy local compliance software and updates each time new regulations are introduced. The number of regulations is increasing, and often come unexpectedly which impacts budgets that have been constructed without these additional charges in mind. In recognition of the difficulty this was causing clients, we created the FRSGlobal Guarantee whereby, for a flat subscription we work with our clients to enable them to keep up with regulatory reporting changes and comply with the regulators' requirements. As our 'antenna' on the regulatory landscape, CoRE is a central part of our ability to offer this.
The establishment of CoRE is another step towards creating the most comprehensive resource available for reviewing regulatory developments in the industry. As CoRE evolves, more features, including industry whitepapers, discussion forums and networking opportunities will become available."