FRSGlobal, the provider of risk and regulatory reporting solutions with coverage for over 40 countries on a unified platform, announced that just over one year after the French Commission announced its Systme Unifi de Reporting Financier (SURFI) project, 15 firms have selected FRSGlobals 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 Prive, EcoBank, EFG Gestion prive, Fideuram Monaco, Fortis Bank Nederland, HSBC Private Bank Monaco, Intesa SanPaolo, KBC Bank, LaNef, Rabobank International Bank, and WestLB.
FRSGlobals 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).
After 16 years of using what is considered both heavy and obsolete, BAFI reporting will be replaced by a lighter collection of data, says Samantha Neau, professional services manager for FRSGlobal in France. 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.
D.C.