Financial Architects, an international provider of a Finance Resource Planning (FRP) platform for the finance industry, announced today that Société Générale Private Banking Belgium will implement Finarch's Financial Studio to achieve Basel II compliance.
FinArch's Basel II solution, with integrated reporting functionality, computes the Basel II capital requirements, applies the appropriate national discretion parameters and submits the reports to the regulatory bodies. FinArch thus guarantees Société Générale Private Banking, ahead to the 2008 deadline, full and timely Basel II compliance to both pillar 1 and pillar 2. The Financial Studio solution gives the availability of automated calculation of the capital requirements for credit, operational and market risk, as an input to the pillar 1 COREP reports. Also pillar 2 compliance, including the calculation and reporting on interest rate, liquidity and concentration risks, is fully covered.
Société Générale Private Banking decided to appeal to Finarch for a solution for achieving Basel II compliance. Wim De Coen, Secretary-General, from Société Générale Private Banking testifies: "Initially, we did not feel much for outsourcing Basel II calculation. We expected it to be "easy" as we had managed to do for Basel I." Finarch's demo's with Société Générale Private Banking's own business cases and figures, revealed the complexity, however, even for their business situation. "FinArch demonstrated a working product and comprehensive business and regulation knowledge that convinced us to use their product to automate our Basel II calculation and reporting with FinArch's 'Basel II." Wim De Coen continues. "Moreover, we realised that the cost in time and resources to apply Basel II regulation without specialized software was quite above initial estimations. What we need is a 100% compliant solution that provides complete transparency and enough flexibility for us to manage our risk as appropriate to our business complexity and size. That is what FinArch's Basel II offers us." Wim De Coen clarifies.
Frédéric Simons, VP Regional Development at FinArch, comments: "Obviously, I am very pleased that Société Générale Private Banking has chosen to implement the Financial Studidio compliance and Basel II Express. With this token of trust, SOCIÉTÉ GÉNÉRALE Private Banking has chosen for a solution which is so much more than a basic, rapid, short term compliance solution. Financial Studio eases the burden of regulatory reporting for financial institutions as it complies with the reporting requirements of central banks, monetary authorities, and other financial regulators as well as with the Basel II requirements."