FRSGlobal, part of Wolters Kluwer Financial Services, the leading worldwide provider of compliance and risk management solutions for the financial services industry, today announced that it has incorporated regulatory and legal reporting into its regulatory reporting solution for foreign banks in Japan. To date, three major global banking groups, including ANZ, have subscribed to this solution as part of their multi-regulatory reporting frameworks.
The application automatically extracts the required data from the firm and populates:
• Gyomu/Kessan/Nikkeihyo reports: annual/semi-annual/month-end financial statements consisting of balance sheet, income statement and various breakdown schedules on key balance sheet and profit & loss items;
• Daily projected and month-end regulatory deposit reserve computation;
• Various foreign exchange transactional reports: based on securities, gensaki repo, stock lending and borrowing, derivatives, traveller's cheques and foreign currency cash, etc.;
• Various risk analysis reports: covering interest rate risk, repricing gap, large borrowers and depositors, foreign exchange positions, short term source and the application of fund, country risk exposure reports, etc.;
• Custodian reports: covering either the bank's own securities under custody or the client's securities under custody.
FRSGlobal's solution automates report compilation, saving firms valuable time and resource; facilitates dual language for both Japanese and non-Japanese readers; and, by harnessing FRSGlobal's fully defined, standardised data model DataFoundation, is fully extendable to other reports in Japan or to other countries.
Stephen Thurley, Vice President for Asia Pacific and Japan at FRSGlobal, commented: "The regulatory reporting framework in Japan is notoriously difficult to manage from a foreign bank's perspective so we are very pleased that we can provide a fully functional reporting solution that addresses this market's specific pain points. With an established team and on-the-ground support we are able to provide an ongoing commitment to help our customers keep the regulatory reports in the countries we support up-to-date. We look forward to seeing further growth in this territory."
The FRSGlobal regulatory reporting solution has been designed to address the complex reporting requirements faced by foreign banks operating in Japan and provides:
• Broad reporting scope: The applicatiication provides in excess of 200 reporting templates covering both financial (i.e. financial statements reporting) and 'other' non-financial, transaction-style reporting which covers high-volume, large exposure reporting, interest rate risk, liquidity and cash flow analysis, and custodian reporting.
• Multiple exchange rate sets: The application allows users to choose and apply different exchange rates to different reports fed by the same data source as per the regulator's requirements (e.g. internal rate in USD or JPY equivalent, Reserve Rate, Shorei rate in USD or JPY equivalent)
• Bilingual reporting requirements: Overcomes the problem of non-local banks' source systems not supporting the Japanese character set, while the reports that are submitted to the local regulator must be in Japanese. The FRSGlobal application creates the reports in both languages from the same data set.
• Wide financial product range: The reporting application covers a full range of financial products (e.g. derivatives, securities, repo, loan and deposit, provision, etc.).
• Complex processing requirement: The application automates various types of complex processing requirement like average balance computation, profits and losses computation base on average rate, top exposure aggregation and ranking, collateral processing, etc.