FRSGlobal, the only provider of risk and regulatory reporting solutions for over 30 countries, has expanded its operations in the Americas with the opening of a New York office and the appointment of Richard Ferrari as Vice-President.
FRSGlobal already has a strong North-American presence, with offices in Boston and Toronto, which will continue to provide development and support to its clients.
Richard joins FRSGlobal with over 25 years' experience in the global financial and capital markets industry, having held senior positions at Misys, Infinity Financial Technology, SunGard and most recently Calypso Technology.
FRSGlobal acquired IRIS integrated risk management (IRIS) on 26 August, making FRSGlobal the first combined risk management and regulatory reporting solution for financial services, and the largest independent software and services supplier operating in this space.
Richard's experience in risk management is a significant addition to FRSGlobal's US team and will support the growth in demand for risk and regulatory reporting solutions in the US financial services industry. The appointment is timely with the ongoing development of the Basel II Accord and the anticipated move away from the Generally Accepted Accounting Principles (GAAP), towards the alternative International Financial Reporting Standards (IFRS), which FRSGlobal has already had significant experience implementing in Europe.
FRSGlobal is poised for expansion with the extension of its product coverage in the US, and is uniquely placed to liaise with the regulators in the local regions through its banking user base and global experience of implementing regulatory reporting solutions for a plethora of regulatory bodies.
Commenting on the hire, FRSGlobal CEO Steve Husk said: "We are pleased to welcome Richard to FRSGlobal. The recent surge in demand for risk and regulatory reporting solutions has created a need for specialist advice and implementation support for putting in place efficient systems. We have responded to the huge growth in our client base over the last couple of years by bringing further industry knowledge and expertise, along with the experience needed to service clients in the US, Canada and throughout the Americas. Richard's appointment is a reflection of our commitment to the region to support global regulatory reporting platforms for multi-region financial institutions."
Richard Ferrari commented: "This is a very exciting time to be joining FRSGlobal. The need for timely, accurate regulatory reporting has never been more important for the global banking industry than it is today. Combined with the increased pressure on the US and Canadian banking community to comply fully with the Basel II Accord, there is a real need for system solutions that can satisfy both sets of requirements. FRSGlobal is unique in this regard in that it is able to provide a tried and tested solution that ensures customers remain fully up-to-date with all reporting requirements across both disciplines.
"FRSGlobal's recent acquisition of IRIS means that our customers will benefit from a one-stop-shop to meet their enterprise risk management as well as regulatory reporting needs."