FRSGlobal, a provider of risk and regulatory reporting services with coverage for 30+ countries, announced the launch of its FinancialAnalytics solution in Asia Pacific and Japan.
The launch of FinancialAnalytics will enable banks in the region to standardise and consolidate their procedures whilst automating risk and regulatory reporting across multiple countries and entities. Users will be able to control this process from beginning to end taking data from the source systems through to sending the reports to the regulator.
At recent Compliance Forums, held to launch FinancialAnalytics to the market in Singapore and Hong Kong, Joost Roelin (Senior Business Specialist from the FRSGlobal Centre of Regulatory Excellence (CoRE)) presented the results from the latest analysis of the developing global regulatory trends in the banking industry. He noted in financial services; a growing complexity of reports, an increased volume of reports, and a large number of regulators were all key issues for banks to cope with.
“If you can consolidate regulatory reporting from non-centralised locations, with data from regional Management Information Systems (MIS) and head office reporting it makes a lot of sense to do so using one system. FinancialAnalytics has been designed so that all data across a bank’s source systems can be stored in the central data repository – DataFoundation – to provide the bank with a single and complete source of validated data (fit for regulators),” says Stephen Thurley, vice president for Asia Pacific and Japan, FRSGlobal.
“This can be used to generate structured reports as defined (and demanded) by the regulators and also the ad-hoc style management reports required across the entire organisation. Risk management-style reports can be produced by division and/or amalgamated and information can be provided for head office executives. By utilising executive dashboards for financial performance, senior management are able to monitor and utilise information from across the enterprise a trend we are catering for in FinancialAnalytics,” adds Thurley.
“We have had a strong presence in Asia since 1996; operate from offices in Singapore, Hong Kong and India; and our expansion plans in the region are extensive. Banks are moving away from silo systems and creating a single regulatory platform that can handle the increasing volume and complexity of regulatory reports at both regional and head office level for all the countries that they operate in,” says Shawn Paul, director of product and services in Asia Pacific and Japan, FRSGlobal.