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 released a new version of their Basel II Capital Adequacy Reporting (BCAR) solution.
The FRSGlobal BCAR solution enables Canadian banks to meet the Basel II Standardized reporting (BCAR) requirements outlined by the Office of the Superintendent of Financial Institutions (OSFI) Canada.
The new release incorporates updates to a number of OSFI validation rules and allocation changes impacting Double Default schedules. Exposure classes for several corporate entities have been added as well. Four of the leading banks in Canada utilize the FRSGlobal BCAR solution for the reporting requirements that have been detailed by OSFI.
Canadian banks pursuing the Basel II Framework must adhere to a compliance approach geared to the regulatory guidance outlined by OSFI. The FRSGlobal BCAR solution supports all of the summary and portfolio level reporting for credit risk, market risk and operational risk deliverables. The solution also enables banks to have access to each reporting schedule that is required by OSFI, drill down capabilities for all of the reporting schedules, with electronic delivery functionality (utilizing the ADT standard as mandated by OSFI), as well as all of the inter and intra schedule validation checks. This assures the conditions for full regulatory compliance. FRSGlobal guarantees that the reporting format and contents will reflect the most up-to-date version of the Canadian regulatory reporting requirements.
Richard Ferrari, Vice President - Americas, FRSGlobal, commented: "We have a team of experts in our Centre of Risk & Regulatory Excellence that specifically focuses on Canada. These experts monitor all of the major regulatory agencies and organizations in Canada and identify any changes to existing regulations or new regulations that impact reports that financial institutions need to submit. This team is responsible for keeping the reports covered by the FRSGlobal Guarantee up-to-date and compliant with Canadian regulators."