Fortis Group today announced that it is rolling out FinancialAnalytics, the regulatory reporting solution from FRSGlobal to centralise its compliance and reporting processes.
Fortis Banque Luxembourg (FBL) has also successfully used the system to submit new FiNREP reports to the local regulator.
Fortis Banque Luxembourg is guaranteed up-to-date reports from FRSGlobal to reflect any changes made by the regulators as part of its unique subscription to FRSGlobal's Centre of Regulatory Excellence (CoRE) team.
Fortis Banque Luxembourg was the first of the Fortis Group to use FRSGlobal FinancialAnalytics to produce FiNREP reports. This was followed by Postbank (JV Irish Post) to produce CBI and FiNREP reports and most recently Alpha-Credit to produce FiNREP reporting for Luxembourg.
Based on the expertise of its FRSGlobal FinancialAnalytics competence centre, Fortis is currently considering further international extensions of this platform.
FRSGlobal was selected to provide this functionality as it is the only international supplier of multi-country regulatory reports, with coverage in over thirty countries. The FinancialAnalytics solution has enabled a single source interface to produce the reporting across all of the locations - and requires only minimum future maintenance.
Pierre Ribet, Program Manager, Regulatory Reporting at Fortis says "The high level of expertise of the Fortis team, coupled with the quality of the FRSGlobal product has resulted in the successful migration of Fortis Bank Luxembourg's reporting onto FRSGlobal's FinancialAnalytics ."
Virginie Blaise, Product Manager, FRSGlobal explains "FRSGlobal's domain experience and multi-country coverage is why key financial institutions are selecting us as a single regulatory platform for regulatory reporting compliance around the globe. Fortis' size and high volume of business across a range of financial products requires detailed and regular reporting to the local regulators and results from using data which originates across a wide range of systems. We worked with the dedicated FINREP team at Fortis to deliver the reporting on time in the new XBRL format. Fortis Luxembourg and FRSGlobal worked closely with the regulator to test the XBRL format and it is working well."