FRSGlobal Becomes First Foreign Vendor To Go Live In China On Regulatory Reporting In Leading Global Investment Bank
FRSGlobal, the only provider of risk and regulatory reporting solutions with coverage for 40+ countries on a unified platform, announced January 25th that one of its leading global investment bank clients has gone live with its regulatory reporting product, RegPro, in China. RegPro covers over 200 reports for the China Banking Regulatory Commission (CBRC), People’s Bank of China (PBC) and State Administration of Foreign Exchange (SAFE) regulators.
Despite new regulatory changes occurring during implementation, including those imposed by the CBRC in response to the financial crisis, execution of the project took just three months. The bank now has the ability to perform automatic inter-report validation checks as prescribed by regulators.
FRSGlobal’s RegPro produces reports from the same source (DataFoundation) in different languages, so in this example the reports are being produced in both Chinese and English. Other languages can be added on demand providing extra insight for the CFO or Head of Finance in any country. Similarly, RegPro’s scalable nature ensures that any new business embarked upon by the bank can also reported to the regulators.
Steve Thurley, VP Asia Pacific and Japan, FRSGlobal, commented: “This deal marks a milestone in FRSGlobal history. To be the first foreign vendor to put a regulatory product live in China is an exceptional achievement. We have spent considerable time over the last year building the product that would meet the SAFE, CBRC and PBOC regulatory requirements. We now have more firms wishing to replicate this experience in Shanghai and Beijing.”
FRSGlobal RegPro users benefit from:
• A single repository of validated data originating from a plethora of source systems – DataFoundation
• Easy-to-use software that automates the generation of risk and regulatory reports – ReportGenerator
• Fully defined regulatory reports for 40+ countries – ReportGlobal – with the FRSGlobal guarantee to keep them in line with regulators’ requirements (which, in the current climate significantly reduces the regulatory burden on financial institutions)
• The ability to define new country or internal management information-style reports – ReportBuilder
• The required electronic dispatch formats defined by regulators
• A secure 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