FRSGlobal, the only global provider of risk and regulatory compliance solutions on a unified platform with coverage for over 30 countries, today announced that BBVA Compass, a leading U.S. banking franchise with 578 branches, and FRS Global have entered into an agreement under which FRSGlobal's consolidated risk and regulatory platform will assist BBVA Compass in compiling its regulatory reports that are filed with the bank's U.S. banking regulators.
The FRSGlobal solution enables BBVA Compass to automate 48 weekly, monthly, quarterly, biannual, and annual reports required by the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Federal Financial Institutions Examination Council (FFIEC), Department of Commerce, and Department of Treasury.
Chris Butler, Senior Vice President of Financial Reporting, BBVA Compass, stated: "FRSGlobal's risk and regulatory platform will help us streamline our processes designed to meet our regulatory reporting requirements. In addition to increasing our efficiency, with the FRSGlobal suite of services we'll be able to more quickly adjust to changes in reporting requirements."
Richard Ferrari, Vice President - Americas, FRSGlobal, commented: "BBVA Compass has taken a truly corporate view on the importance of Regulatory Reporting within their environment. With 100% backing from the Risk, Legal, Finance and IT departments the bank clearly understands the criticality of efficient risk and regulatory reporting in today's environment. We are pleased to welcome BBVA Compass to the FRSGlobal community of banks relying on us to ensure regulatory compliance."