FRSGlobal, a part of Wolters Kluwer Financial Services, a leading worldwide provider of compliance and risk management solutions for the financial services industry, today announced that it has incorporated reporting for banks operating in Germany into its global regulatory solution.
The application has been developed to help address the complex reporting processing requirements faced by banks operating in Germany and covers the broad range of financial and transaction reporting requirements they have to adhere to. Presently, foreign banks operating in Germany have approximately 80 existing report templates in total for financial reporting, which cover balance sheet reporting and other reports in the areas of interest rates, foreign trade regulations, large exposure reporting, credit user statistics, liquidity reports, solvency regulation etc. There is also a wide range of financial products that have to be reported upon (e.g. derivatives, securities, drafts, repos, loans and deposits, provisions, etc.) - all of which are covered by the FRSGlobal application.
FRSGlobal's regulatory reporting solution automates report compilation and submission to the regulator - saving firms valuable time and resources - and by harnessing FRSGlobal's fully defined, standardised data model DataFoundation, it creates a single repository of data which can be re-used for internal, board, branch/head office management-style reporting among others. This new application also enables firms already using FRSGlobal outside of Germany, to easily extend their current implementation to include it. In addition, all reports are available in German and English to facilitate internal information sharing (for example sharing the regulatory reports to the parent company).
The new FRSGlobal functionality builds upon Wolters Kluwer Financial Services' business expansion in the German financial services market. The company recently announced that it is providing regulatory content and workflow solutions to help German financial institutions meet various regulatory requirements in the areas of risk, compliance and internal audit.
Timothy Carley, VP Head of Sales EMEA at FRSGlobal, commented: "The financial services industry in post-financial crisis Germany is under increasing pressure to assure local government and regulatory bodies - such as Federal Financial Supervisory Authority, Bundesanstalt für Finanzdienstleistungsaufsicht and the Deutsche Bundesbank - that their firms are being managed efficiently and in a regulatory compliant fashion in order to create and maintain a stable financial economy. We are extremely pleased that we can enable financial institutions operating in Germany to meet the demands of the regulator, increase operational efficiency, reduce costs, and mitigate risks. "
FRSGlobal's regulatory reporting solution consists of:
• A single repository of data originating from a plethora of source systems.
• 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 helps to automate the generation of risk and regulatory reports;
• Fully defined automated regulatory reports for 40+ countries, with the FRSGlobal Regulatory Update Service to keep firms in line with regulators' requirements which, in the current climate, significantly eases the regulatory burden on financial institutions;
• The ability to define internal management-style or reports for new business areas;
• A library of submitted regulatory reports with the ability for audit through full drill-down/up functionality for rapid investigation into how the figures were derived.