After five years of using FRSGlobal's Regulatory Reporting (FiRE) solution, Indian Bank, Singapore Branch, today announced that it will be upgrading to FRSGlobal's new consolidated risk and regulatory platform - FinancialAnalytics.
With increasing emphasis on "Risk Measurement and Management" by the respective Central Banks, FRSGlobal FinancialAnalytics is capable of supporting Indian Bank with future risk requirements using the same platform therefore saving time and investments in selecting, procuring, interfacing and implementing another system for this purpose.
Indian Bank, Singapore Branch, is delighted with both the technological advancement offered by FRSGlobal's FinancialAnalytics and the company's "Subscription Model" which will protect the bank from additional expenses in addressing regulatory changes - particularly the introduction of reports by the Monetary Authority of Singapore (MAS).
Many financial institutions have been forced to increase budgets to meet the changes made by MAS this year. These financial institutions will need to further invest in their reporting capabilities with more emphasis on exposure to a single customer group in 2009.
By adopting the FRSGlobal subscription offering, it allows Indian Bank Singapore Branch to join the 'compliance community' provided by the FRSGlobal Centre of Risk & Regulatory Excellence (CoR²E). This community meets regularly to discuss risk and regulatory requirements in a coordinated manner and enables peers to exchange views which can then be communicated to the regulators.
Mr. D Bhuthalingam, Chief Executive Officer, Indian Bank, Singapore, said: "FRSGlobal has been offering us reliable support to meet local regulatory requirements and guarantee to deliver on time, so that we are able to focus on our business of banking."
Furthermore, FRSGlobal FinancialAnalytics' value proposition of a single platform for global regulatory reporting allows Indian Bank, Singapore Branch to go beyond just regulatory reporting. The bank can quickly implement global best practises in operational risk and risk measurement without the need for further hardware investments and/or complex interfaces. The Branch's vaarious reports to their Head Office can also be taken care of by the package.
Steve Thurley, Vice President, FRSGlobal, said: "We are very pleased to be working with Indian Bank, Singapore Branch, on this project, which will alleviate the pressures of delivering regulatory change on time and without additional cost."