FRSGlobal, the only global provider of risk and regulatory reporting solutions with coverage for over 40 countries on a unified platform, today announced that just over one year after the French Commission announced its Système Unifié de Reporting Financier (SURFI) project, 15 firms have selected FRSGlobal’s regulatory reporting solution in order to prepare for the new regulation. These firms will be able to use the solution when the French Commission opens up its testing environment in January 2010.
The aim of SURFI is to reduce the regulatory reporting burden by over 25% by deleting redundant data and modularising reports. All financial institutions will be required to submit a common set of ten reports. Firms who have selected the solution so far include ABC International Bank, Attijariwafa Bank Europe, BGFI International, BNP Paribas Wealth Management Monaco, Dexia Banque Privée, EcoBank, EFG Gestion privée, Fideuram Monaco, Fortis Bank Nederland, HSBC Private Bank Monaco, Intesa SanPaolo, KBC Bank, LaNef, Rabobank International Bank, and WestLB.
FRSGlobal’s SURFI solution is integrated into its regulatory reporting solution, RegPro and contains the following key features of the FRSGlobal SURFI solution addressing the demand by the regulators for:
• 70+ templates;
• 1000 calculated items from the templates;
• 23 defined dimensional attributes (up to six levels of imbrications).
Samantha Neau, professional services manager for FRSGlobal in France, commented: “After 16 years of using what is considered both heavy and obsolete, BAFI reporting will be replaced by a lighter collection of data. In a difficult financial environment the XBRL reports get a new overview of the transmitted financial data. Our aim is to provide solutions, competences and experiences to our customers in order to establish a new way to control the financial information instead of considering regulatory reporting as a burden.”
Stephane Jauffret, sales manager in France for FRSGlobal, added: “This major regulatory change presents a good opportunity for all financial institutions to reconsider the reporting they produce and improve their regulatory processes. Whether SURFI appears as a revolution for the providers, our expertise will help the financial institutions to consider it a simple evolution. The FRSGlobal Guarantee allows our customers to keep regulatory reports up-to-date – strengthening our approach in accordance with international recommendations for more robust regulation.”
FRSGlobal’s RegPro consists of:
• A single repository of validated data originating from a plethora of source systems – 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 the generation of risk and regulatory reports – ReportGenerator;
• Fully defined regulatory reports for 40+ countries – ReportGlobal – with a Guarantee to keep them in line with Regulators’ requirements which, in the current climate will ease the regulatory burden in financial institutions;
• 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.
