FRSGlobal, part of Wolters Kluwer Financial Services, the industry-recognised leader in content-rich solutions for unified global regulatory reporting and risk management, today announced that Virgin Money has selected its unified risk management and regulatory reporting platform across the enterprise ahead of its UK retail banking launch.
After a thorough selection process, FRSGlobal's solution was chosen in order to deliver:
• A unified data centre serving both the risk and regulatory functions;
• The functional breadth and depth offered by the risk and regulatory solutions;
• The flexibility to accommodate the requirements of a rapidly-changing risk and regulatory environment.
The bank has selected FRSGlobal's risk management platform, RiskPro for ALM (asset and liability management), economic capital, funds transfer pricing (FTP), internal capital adequacy assessment process (ICAAP), liquidity, market and credit risk. Alongside this, Virgin Money has selected RegPro, for its UK regulatory reporting requirements including enhanced liquidity reporting, single customer view automation and FSA and Bank of England returns.
Marian Watson, Chief Risk Officer at Virgin Money, said: "Virgin Money will aim to provide a real banking alternative to its customers. A crucial part of that is to make sure we have the most reliable, comprehensive and proven technology behind us. This was especially the case when choosing a risk and regulatory platform, as these are two factors that are at the top of the agenda for us."
Mark Piper, FRSGlobal VP UK, Ireland and MEA, commented: "The fact that one of the highest profile banks to be set up in the UK over recent years has selected us for the wide array of risk and regulatory issues they will have to address is a true endorsement of our strategy at FRSGlobal. Virgin Money fully recognises the value of our "single version of the truth" approach - the ability to deliver so many of their key requirements through one solution and one core dataset was a very powerful driver in their decision to select us".
Stephen Heron, FRSGlobal Sales Manager, UK and Ireland, added: "It is clear that any bank starting up in the UK post-financial crisis has to undertake thorough due diligence when selecting its risk and rregulatory systeems to make sure they are fully primed for business. When that bank is being run by a company with brand values as strong as the Virgin Group, the attention paid to selecting such a system is magnified. I am very pleased that after several intense workshops over the last few months we have been chosen as the "best of breed" solution."
FRSGlobal solutions are enriched with content including pre-defined regulatory reports and stress testing libraries, and are employed daily across the globe by firms to meet increasingly complex external (regulatory) and internal (management) reporting obligations. FRSGlobal's customers benefit from the following functionality:
• A single repository of validated data originating from a plethora of source systems - DataFoundation
• RegPro enables financial institutions to address major regulatory and compliance requirements locally and globally - at branch and head office level.
• RiskPro provides profitability analysis across the following risk types: Asset Liability Management (ALM), Liquidity, Market, Credit, Basel II, IFRS, Solvency II, Funds Transfer Pricing and Economic Capital.
• Subscribing clients benefit from the FRSGlobal Regulatory Update Service Guarantee, which ensures the regulatory reports are maintained in line with the regulators' requirements.
• FRSGlobal Centre of Risk & Regulatory Excellence monitors risk and regulatory activities around the world.