Four of the top six Canadian banks applying the advanced approach to Basel II are using the FRSGlobal regulatory reporting system to comply with the regulation.
The company’s success in delivering compliance applications across a range of countries adopting Basel II has led to consultation between FRSGlobal and representatives of the US regulatory agencies on the challenges of implementation for the upcoming US adoption.
Using FRSGlobal’s Financial Analytics, two thirds of major Canadian banks have set up data management and reporting applications to comply with the regulation and improve internal management.
With the implementation date for Basel II in Canada set at 1 November 2007, this year saw work undertaken in developing systems and processes to ensure that banks were prepared to take on Basel Capital Adequacy Reporting.
“The task has not been straightforward as Basel II is interpreted differently across countries. We bring a wealth of experience from implementation in countries that have already adopted the accord, and have taken that work and adapted it to suit both the local legislation and the individual bank’s requirements. The work has not always been easy, with time pressure and regular change keeping the professionals at banks and FRSGlobal equally occupied,” says David Coad, vice president Americas, FRSGlobal.
FRSGlobal is poised to continue its delivery of Basel II regulatory reporting systems in the US, where Basel II is yet to be implemented, and only last month were in discussions with representatives of the US regulatory agencies on this topic.