FRSGlobal, part of Wolters Kluwer Financial Services, a leading worldwide provider of compliance and risk management solutions for the financial services industry, today announced that the Singapore branch of First Commercial Bank (FCB) has gone live with FRSGlobal's regulatory reporting offering.
FCB is now better able to address local regulatory and compliance requirements, including those outlined by the Monetary Authority of Singapore (MAS). RegPro provides scalability to FCB to support its overseas branch in Singapore from Taipei. The bank will also be able to control the process from start to finish - from taking data from the originating source systems through to submitting the reports to the regulator. By migrating FCB from its legacy platform, the bank is able to benefit from an increased level of automation and a reduction in complexity when submitting regulatory reports to the MAS.
Lai Jen-Yu, V.P. & General Manager, FCB, said: "As a highly reputable firm it is essential that we conduct our business within a regulatory environment, which is why we only opt for market-leading technology providers like FRSGlobal. With RegPro, we are confident that we will be well-equipped to handle the ever-evolving regulatory landscape."
Steve Thurley, VP Asia Pacific and Japan (APJ), FRSGlobal, commented: "Despite Singapore's strong recovery from the economic crisis and the fact that its regulatory environments are some of the most mature and stable in APJ, banks in the city-state still have a number of onerous regulatory reporting requirements to meet. We are very pleased that we can take much of this burden away from FCB and that they can benefit from RegPro's functionality in order to concentrate on their core areas of business with assurance that their regulatory reporting requirements are taken care of."
With RegPro, FCB will able to benefit from some of the following features:
• A single repository of data originating from a source system - 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 generation of regulatory reports - RReportGenerator;
• Fully defined regulatory reports for 40+ countries - ReportGlobal - with regulatory update service to keep them in line with Regulators' requirements;
• The ability to define new country or internal management-style reports - ReportBuilder;
• A library of submitted regulatory reports and the ability for audit, with full drill-down/up functionality for quick investigation into how the figures were derived.