FRSGlobal, the provider of risk and regulatory compliance solutions on a unified platform with coverage for over 40 countries, announced that its regulatory reporting tool, RegPro is available to help Irish firms comply with the changes to existing Central Bank and Financial Services Authority of Irelands (CBFSAI) reporting obligations. Thus far, 15 Irish financial institutions have signed up for the FRSGlobal solution.
The change, which requires data from as early as May 2010 to be submitted at the end of June 2010, is in line with European Central Bank (ECB) regulation No. 25/2009 concerning the balance sheet of the Monetary Financial Institutions (MFI) sector. The reports have been redesigned to be more closely aligned with euro-area statistical requirements, and must now be submitted electronically. The introduction of 30+ new report templates signifies major changes to the CBSFAI returns.
FRSGlobals RegPro provides: a comprehensive data dictionary detailing the data that will be required from source systems to generate the reports; the 30+ new templates (which will be updated as regulators make last-minute changes); and the ability for firms to automate the generation and submission of all required reports in XML via the regulators new reporting portal.
Firms with international operations in all the European member state countries will be impacted by the ECB changes to different degrees, but all with a common deadline of June 2010, says Mark Piper, VP UK, Ireland and MEA, FRSGlobal. FRSGlobal is implementing solutions all around Europe to help firms meet these requirements ahead of the deadline with our industry leading solution and domain expertise.
FRSGlobals 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.
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