FRSGlobal

1st Singapore bank goes live with MAS 639 reporting from FRSGlobal

02/4/2009

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London, Singapore, 2nd April 2009: FRSGlobal, the only true global provider of risk and regulatory reporting solutions with coverage for 30+ countries on a unified platform, today announced that a leading global investment bank has completed testing on FRSGlobal MAS 639 reporting and will submit reports to the regulator in time to meet 31st March 2009 at which point the reporting will become compulsory. It is believed that this is one of the first banks in Singapore to be in a position to do this.

Shawn Paul, Director of Product and Services, FRSGlobal says: "The FRSGlobal Centre of Risk & Regulatory Excellence has been working with the banking fraternity here, through user groups and informational seminars, to help prepare Singapore-based banks to understand the depth and impact of the demand for the new reports and therefore gave them the information they needed without reading all the regulatory descriptions. Because of this, we were able to help them prepare earlier, and are pleased to see the first of several are now ready to submit the reports in time to meet the regulator's deadline."

Steve Thurley, VP Asia Pacific and Japan, FRSGlobal says: "This is a great result for FRSGlobal in Asia; we have delivered on time and gone live before the MAS deadline and prior to any of our competitors. This coupled with our market share growth demonstrates our leadership in the region and shows the value of our subscription model to our new and existing clients. The FRSGlobal DataFoundation already held a lot of the information that was required in the reports, which we are able to re-use, meaning the bank needed less time to find just the NEW data required by the regulators. Other banks may be faced with creating the reports from scratch."

The primary aim of the regulator in amending the existing Section 29 guidelines was to facilitate risk-based supervision and allow operational flexibility. MAS 639A supports reporting of related concerns exposures and credit facilities. Although MAS 639 reporting is of a compliance nature, the reporting requirements are crucial in terms of the reporting an institution's capability to internally manage, control and monitor the credit exposure to a single counterparty group. Credit Risk Mitigation information has not historically been stored in automated transaction systems, therefore some changes were required by banks. FRSG was able to provide banks with over 6 months lead time to ensure that their back office systems had all the data required to accurately lodge this report.

The FRSGlobal solution provides accurate and timely financial reporting across the entire financial institution with comprehensive data validation and audit trail capability. The Bank will not only be in a position to monitor their exposures but also report to the regulator when required. Subscribing users are supported by the FRSGlobal regulatory Update Service to maintain the MAS, and other regulatory, reports in line with the regulators' requirements.