Société Générale Bank & Trust chose the FRSGlobal Regulatory Reporting solution to help automate, standardize and simplify its Singapore and Hong Kong regulatory returns. As a result of the implementation, the bank can benefit from:
• Automation, standardization and simplification of reports as a result of less reliance on dependencies across the end to end process;
• Strong audit trails of data flows;
• Consistency across the different reports presented to the regulators including the Monetary Authority of Singapore (MAS) and Hong Kong Monetary Authority (HKMA);
• In-built validation rules in line with the local regulator validation rules; and
• Drill-down function for cells of the returns/reports for detailed data analysis.
Additionally, Société Générale Bank & Trust is able to benefit from FRSGlobal’s unique Regulatory Update Service, which gives them access to information to help remain up-to-date and compliant with changes in regulatory requirements. FRSGlobal’s dedicated team of in-house experts actively monitor regulatory changes in Singapore and Hong Kong, providing updates within the product subscription.
“We have noticed a significant increase in speed, control and efficiency around our regulatory reporting with the implementation of FRSGlobal’s Regulatory Reporting solution “said Andre Keel, CIO at Société Générale. “Further added value comes from the multi-country capabilities of the system, which provides us with a strategic, coordinated approach to regulatory reporting.”
“Our regulatory reporting technology and the domain knowledge feeding it are core strengths of the FRSGlobal solutions, which makes our multi-country reporting offering very compelling to banks with multiple offices, such as Société Générale Bank & Trust,” said Steve Thurley, Vice President – Asia Pacific and Japan, Wolters Kluwer Financial Services’ FRSGlobal. “Following the successful implementation, we look forward to providing Société Générale with a continued high level of support in the years ahead.”