FRSGlobal, the only global provider of risk and regulatory compliance solutions on a unified platform with coverage for over 40 countries, today announced that Ireland's largest building society, EBS, has selected its regulatory reporting tool, RegPro to comply with the changes to existing Central Bank and Financial Services Authority of Ireland's (CBFSAI) reporting obligations.
The change, which requires data from as early as May 2010 to be submitted at the end of June 2010, are in line with European Central Bank (ECB) regulation No. 25/2009 concerning the balance sheet of the monetary financial institutions sector. The reports have been redesigned to be more closely aligned with euro-area statistical requirements. The introduction of 30+ new templates/formats signifies major changes to the CBSFAI returns.
FRSGlobal's RegPro enables firms such as EBS to generate and submit all required XML reports over the various required timeframes. Once generated, the reports will be passed on electronically via new reporting portal which FRSGlobal's RegPro integrates with.
Noel O'Rourke, Regulatory Reporting Manager, EBS said, "The fact that we can rely on FRSGlobal to help us deliver the correct reports in the new formats before the tight deadline provides us with a great deal of assurance. We will also be able to save a significant amount of compilation time and resource that can be utilised to perform meaningful analysis on our final outputs."
Mark Piper, VP UK, Ireland and MEA, FRSGlobal commented, "Those who choose to internally tackle these major new changes are making an incredibly risky decision. The amount of man hours and costs associated with these changes, twinned with the penalties for submitting incorrect reports will doubtlessly create enormous amount of unnecessary pressure for them. Forward-thinking companies like EBS are choosing to adopt our business expertise and proven technology to relieve this burden. Additionally our unique regulatory guarantee will enable them to stay fully compliant as and when further amendments are made."