FRSGlobal, the industry-recognized leader in content-rich solutions for unified global regulatory reporting and risk management, today announced that it has launched a new regulatory reporting solution for banks licensed to operate in the Cayman Islands. FRSGlobal also announced that the solution has already been purchased by a premier North American bank that has a significant presence in the region.
The FRSGlobal solution enables banks to comply with the phased Basel II framework implementation outlined by the Cayman Islands Monetary Authority (CIMA). Additionally, the solution automates the generation of the Quarterly Prudential Reports (QPR), including validation and daily monitoring reports, and provides all the calculations necessary to deliver validated reports to CIMA.
The solution is based around FRSGlobal DataFoundation, which houses all the contractual and transactional data required for the QPR reports and the Basel II calculations. All of the calculations are executed by the FRSGlobal CalculationEngine.
Andrew Liegel, Vice President at FRSGlobal, commented:
"Many banks are still preparing and filing their regulatory reports manually. Our solution automates the end-to-end generation of the Basel II and QPR reports required by CIMA resulting in significant reductions in time, effort, and expense. The Cayman Islands solution is also covered by the FRSGlobal Regulatory Update Service Guarantee that keeps the regulatory reports up-to-date so those responsible for compiling and submitting reports will have peace of mind knowing that their reports will be in line with CIMA changes."
FRSGlobal will enable banks licensed to operate in the Cayman Island to address global regulatory requirements with its solution made up of the following components:
* A single repository of validated data originating from a plethora of source systems -- DataFoundation. One central solution, capable of extracting data from multiple systems into one physical location faces the four data challenges: availability, movement, consolidation and quality
* Easy-to-use software that automates the generation of risk and regulatory reports -- ReportGenerator
* Fully defined regulatory reports that meet regulators' requirements -- ReportGlobal -- with a Guarantee to keep them up to date which, in the current climate, greatly eases the regulatory burden on financial instncistncial institutions
* The ability to create own internal management information-style reports from the same source as the external regulatory reports -- ReportBuilder
* A library of submitted regulatory reports and the ability for audit, with full drill-down/up functionality for quick and effective investigation into how the figures were derived.