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 it is expanding its operations with the acquisition of the regulatory reporting business from its former partner in the region, KPMG Czech Republic and the launch of a Central and Eastern Europe (CEE) hub in Prague, Czech Republic.
FRSGlobal has worked in partnership with KPMG Czech Republic over the last 15 years, providing some of the largest local banks and branches of foreign banks with support and software modules necessary for regulatory reporting, such as those stipulated by Czech National Bank (CNB), National Bank of Slovakia (SNB) and Ministry of Finance (MF).
KPMG Czech Republic's regulatory reporting team will join FRSGlobal's European division and continue to supply the FRSGlobal unified platform for regulatory reporting and risk management together with the local report parameterisation for Czech Republic and Slovakia to its current large installed base and new upcoming prospects.
Jan Zurek, Managing Partner KPMG Czech Republic,commented: "We have had an excellent working relationship with FRSGlobal. The current transfer of our regulatory reporting business to FRSGlobal will however mean wider opportunities for our clients to meet their ever more complex reporting needs."
Kieran Leahy, Vice President of Business Development, FRSGlobal added: "We have worked extremely well with KPMG Czech Republic for many years, so we are clearly delighted that the local team is joining us. Current customers will continue to receive the same services as they have previously received - they will have access to their existing software, current reporting modules and existing support and consultancy team. But by streamlining our businesses, FRSGlobal's experts can also advise on more complex reporting requirements that banks in the region are increasingly facing. We are very much looking forward to extending this excellent customer relationship, enriching the existing customer experiences and extending our compelling offerings to the banks in the region."
Kris Van Bavel, VP EMEA North, FRSGlobal said: "Central and Eastern Europe has been a key area of focus for quite some time and is part of our global strategy to increase our international presence combined with the local solutions and competences. So it is logical that we set up a hub, where we can significantly ramp up our operations and increase our presence also towards other countries in the CEE region. Both for local and international banks we will be able to better respond to the increasing business needs of regulatory reporting and risk management. Our specialism in the financial sector and wide range of comprehensive banking reporting and risk management solutions twinned with the strong relationships already established in this area mark a some very exciting times ahead."