3 ME banks pick new regulatory reporting tool
Dubai, April 25, 2010
FRSGlobal, a leader in content-rich solutions for unified global regulatory reporting and risk management, said three new banks in the Gulf region have selected its regulatory reporting tool.
A leading bank in Qatar and two new category one banks in the UAE, operating under the jurisdiction of the Dubai Financial Services Authority (DFSA), have selected FRSGlobal's RegPro, to automate regulatory reporting.
UAE category one banks are required to produce a large set of inter-related regulatory reports, which RegPro enables them to submit within the timeframes set out by the DFSA.
With the addition of these firms to the FRSGlobal client base, UAE reports will be added to the extensive portfolio of standard international country reports FRSGlobal already provides which are fully supported by the FRSGlobal Regulatory Update Service Guarantee.
The FRSGlobal Guarantee ensures that firms are in line with the regulators’ requirements as and when they change.
These implementations will enable each of the banks to improve the efficiency of their international reporting operations and will provide a potential platform for wider deployment including risk profitability with RiskPro, FRSGlobal’s risk management tool. RiskPro provides analysis across multiple risk types: Asset Liability Management (ALM), Liquidity, Market, Credit, Basel II, IFRS, Solvency II, Funds Transfer Pricing and Economic Capital, and is fully integrated with RegPro.
'In today’s intense post-crisis environment it is more important than ever to be able to guarantee compliance with rapidly changing global regulatory requirements with a cost-effective solution, as provided through the FRSGlobal subscription service. In addition, the FRSGlobal platform will facilitate extensions as the risk and regulatory environments evolve with the inevitable forthcoming regulatory change,' said Roy Barnes, head of Operations Middle East, FRSGlobal.-TradeArabia News Service