LGT, one of the largest private banking groups in the world, has decided on BearingPoint’s proven RegTech software ABACUS/DaVinci as the group-wide solution for the reporting of financial information according to the ECB regulation on reporting of supervisory financial information (FinRep).
With BearingPoint’s solution, LGT will submit FinRep reports from March 31, 2017.
With over 2,500 employees in more than 20 locations in Europe, Asia, America and the Middle East, LGT is a leading international private banking and asset management group that has been fully controlled by the Princely House of Liechtenstein for over 80 years.
Dr. Jürgen Hagmüller, LGT, stated: “We decided on ABACUS/DaVinci because the product has a long track record and is a proven solution for reporting according to European regulations. Besides the short implementation time, an important factor for our decision was that ABACUS/DaVinci allows us to shape our standard reporting process in an efficient and audit-proof manner.”
Jean-Michel Marguerat, Partner at BearingPoint, commented: “We are proud that LGT now also uses ABACUS/DaVinci for FinRep and that we succeeded in further expanding our market penetration. This is an important milestone for us and proves that our Abacus platform is state of the art in regulatory reporting.”
ABACUS/DaVinci is a market-leading, off-the-shelf strategic risk aggregation and regulatory reporting platform that covers the requirements of EBA (European Banking Authority), ECB (European Central Bank), and national supervisory authorities. Renowned financial institutions representing more than 800 reporting entities, among them a major part of the most important European banks under supervision of the SSM (Single Supervisory Mechanism), insurers, and financial institutions trust on ABACUS/DaVinci.
ABACUS/DaVinci has been developed over 20 years alongside the introduction of Basel I to III. Benefits of the standard software are comprehensive regulatory reporting functions including XBRL and multi-language support. Moreover, BearingPoint provides a European network of consultants in the area of regulation and centrally implements regulatory changes respectively new requirements in the sense of a regulatory maintenance.
Contributed | what does this mean?