FRSGlobal, the only global provider of risk and regulatory compliance solutions on a unified platform with coverage for over 30 countries, today announced that it has been selected by Manulife Bank in order to meet Canadian Statutory reporting (SRDM) and Canadian Basel II Standardised reporting (BCAR) requirements.
FRSGlobal was selected due to its proven ability to deliver reporting tools and solutions that will help Manulife Bank save valuable time and resources by automating their Basel II Capital Adequacy Reporting principles.
FRSGlobal is working with Manulife Bank's central project management advisory and IT finance divisions to ensure a smooth implementation and expects to complete the project by December 2008 - in time for a parallel run of the Q4 2008 financial reporting needs. The bank aims to fully transfer over to FRSGlobal's automated solution by Q1 2009. Manulife Bank is also interested in pursuing FRSGlobal's Basel II New Credit Risk (NCR) reporting solution at the completion of these software installations.
Richard Ferrari, Vice President - Americas, FRSGlobal, commented: "Canada's banks are amongst the most forward thinking institutions in the world as they continue to adopt Basel II Capital Adequacy Reporting principles. We are delighted that Manulife has joined the growing number of banks in Canada to adopt FRSGlobal's BCAR reporting platform."
"At a time when regulatory scrutiny will only assume greater significance in the financial industry, we look forward to working closely with the Manulife team to ensure their reporting requirements continue to be met."