BearingPoint RegTech (“RegTech”), a leading European provider of innovative regulatory, risk, and supervisory technology solutions, announced today that Finansinspektionen has gone live with their SupTech platform Abacus Regulator.
Finansinspektionen is Sweden's financial supervisory authority, based in Stockholm. Its role is to promote stability and reliability of the financial system as well as to ensure sustainability and effective consumer protection.
The go-live took place on June 30th. With Abacus Regulator, Finansinspektionen ingests regulatory reports from more than 300 banks under the EBA framework for DPM Versions 2.10 and 3.0 and from 11 insurance companies under the national IORP2 framework. Reporting for EIOPA and further national requirements will commence later this year.
To keep up with the ever-accelerating pace of regulatory change, Finansinspektionen was looking for a comprehensive and future-proof software solution covering the regulatory value chain from report submission and validation to advanced analytics and dissemination, consolidating both European Union-harmonized and national regulation in a unified and flexible reporting platform. Finansinspektionen’s choice fell on the latest generation of BearingPoint RegTech’s award-winning Abacus Regulator, which was built from scratch according to state-of-the-art, cloud-native, and big data principles in order to cope with growing volumes of increasingly granular reporting data and to allow for a rapid and agile response to evolving regulatory requirements.
“BearingPoint RegTech has proven itself to be a competent solution provider and partner in our journey to improve regulatory reporting,” says Ann-Louise Ulvenvall, Director Reporting Department at Finansinspektionen.
“I am delighted that we can support Finansinspektionen on its journey into the future with our new groundbreaking solution. The go-live is another joint milestone for a successful partnership,” adds Daniel Kämmerer, Head of SupTech at BearingPoint RegTech.
Finansinspektionen has opted for the full scope of Abacus Regulator, comprising the core Data Collection System, the Reporting Portal for supervised entities, which has been integrated seamlessly with the Swedish elegitimation identity-management framework, and the Integrated Analytics, for swift and dynamic data insights. BearingPoint RegTech maintains the European Union-harmonized regulatory content of EBA and EIOPA for Finansinspektionen in a regulation-as-a-service fashion, thereby lightening the burden of regulatory change. Regarding Swedish national regulation, Finansinspektionen has taken full ownership themselves using the integrated Content Development Kit of Abacus Regulator, allowing for agile, end-to-end adaption of regulatory requirements in the time frame of a single sprint from conception and implementation, to testing, to productive roll-out.
Together, Finansinspektionen and BearingPoint RegTech were able to deliver the so-called FIDAC project (Finansinspektionen Data Collection) successfully. Key factors have been the close alignment of both parties and BearingPoint RegTech’s agile response to Finansinspektionen’s evolving requirements during the project.