Solution enables bank can meet the latest regulatory demands to stay compliant by submitting accurate and timely reports
FRSGlobal, part of Wolters Kluwer Financial Services, the industry-recognised leader in content-rich solutions for unified global regulatory reporting and risk management, today announced that one of its leading global investment banking clients has gone live with its regulatory reporting product RegPro in Australia. Following the implementation, which took just four months to complete, the global bank’s Sydney branch can now submit all reports required by the Australian Prudential Regulatory Authority (APRA) to stay compliant.
Steve Thurley, VP Asia Pacific and Japan, FRSGlobal, commented: “We are pleased to announce that one of the largest investment banks in the world has been able to go live in such a short time and is now benefitting from our Australian regulatory reporting expertise and solution. We already have other clients waiting to implement this solution in Australia, which will further speed up the rapid growth that FRSGlobal is experiencing in the Asia-Pacific region.”
As a result of the implementation of the FRSGlobal RegPro Australian regulatory reporting solution, the bank can keep abreast of and meet the latest regulatory demands to stay compliant by submitting accurate reports in time and in the right format, whilst also benefiting from RegPro’s powerful audit capability.
RegPro’s audit functionality enables in-depth analysis and investigation, for internal and external bodies, as they arise – making the data that has been collected for the regulatory reports more easily accessible in a single source, and therefore valuable to the business user. FRSGlobal’s fully extendable solution means that more countries and more licences can be added easily to meet the firm’s increasingly global banking plans.
Thurley continued: “Our project implementation plan was thorough and efficient and met the client’s short timeframe. The rapid implementation and configuration, which involves interfacing with several source systems that hold the information required by the regulator, was made possible by the complementary business and IT skills and working association between FRSGlobal and the bank’s team, for which we thank them.”
FRSGlobal RegPro users benefit from:
- A single repository of validated data originating from a plethora of source systems - DataFoundation
- Easy-to-use software that automates the generation of internal risk and external regulatory reports - ReportGenerator
- Fully defined regulatory reports for 40+ countries - ReportGlobal - with the FRSGlobal regulatory update service guarantee to keep them in line with regulators' requirements (which, in the current climate significantly reduces the regulatory burden on financial institutions)
- The ability to define new country or internal management-style reports - ReportBuilder
- The required electronic dispatch formats defined by regulators
- A secure 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
FRSGlobal, which became part of Wolters Kluwer Financial Services in September 2010, is the industry-recognised leader in unified global regulatory reporting and risk management solutions. These solutions, which are enriched with content including pre-defined regulatory reports and stress testing libraries, are employed daily across the globe by firms to meet increasingly complex external (regulatory) and internal (management) reporting obligations.
FRSGlobal solutions are a combination of in-depth content and modules from RegPro and RiskPro, sharing a single DataFoundation and CalculationEngine on a unified platform.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services is a comprehensive regulatory compliance and risk management business that helps financial organizations manage operational, compliance and financial risk and reporting, and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include: FRSGlobal, ARC Logics for Financial Services, PCi, Compliance Resource Network, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services supports its global customers with offices in more than 20 countries and is the world’s largest compliance and risk management business focused on financial services, with more than 15,000 banking, insurance and securities customers across the globe.