FRSGlobal

3/12/2009

FRSGlobal provides Q1 2010 reporting changes for the New Credit Risk (NCR) reporting and updates to additional regulatory financial statement-based reports

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New York, NY - 3rd December 2009:

FRSGlobal, the only global provider of risk reporting and regulatory reporting compliance solutions on a unified platform with coverage for over 40 countries, today announced that it will make available necessary regulatory reporting changes for Q1 2010 required by the Office of the Superintendent of Financial Institutions (OSFI) Canada, the Bank of Canada and Statistics Canada.

OSFI, the primary regulator of federally regulated financial institutions (FRFIs), has issued guidance on a significant number of regulatory changes to the New Credit Risk (NCR) reporting requirements effective for Q1 2010 filings. The OSFI reporting changes will have a considerable impact on those institutions that use the advanced methodology for NCR reporting.

In addition, FRSGlobal will also provide leading Canadian financial institutions with the following Q1 2010 changes to financial statement-based reports:

• Significant reporting updates to the OSFI Balance Sheet (M4) Report
• Changes to the OSFI Income Statement (P3) Report
• Modifications to the OSFI Interest Rate Risk (I3) Report
• Revisions to the OSFI Loans in Arrears (N3) Report
• Report changes to the OSFI Mortgage Loans (E2) Report
• Considerable reporting updates to the Bank of Canada Average Assets and Liabilities (L4) Report;
• Amendments to the Bank of Canada Geographic Assets and Liabilities (GM/GQ) Report;
• Updates to the Bank of Canada Regional Distribution of Assets and Liabilities (R2) Report;
• Structural changes to the Bank of Canada Securities (B2) Report;
• •Reporting updates to the Statistics Canada Consolidated Return of Assets and Liabilities (MS) Report;
• •Adjustments to the Statistics Canada Consolidated Statement of Income (PS) Report;
• •Reporting updates to the Statistics Canada Securities (BS) Report; and
• Reporting template changes to the Statistics Canada Supplementary Questions: Balance Sheet (S1) Report.

To ensure timely delivery and compliance with regulatory requirements FRSGlobal subject matter experts interpret regulatory changes and provide the necessary reporting updates to clients.

A number of the leading banks in Canada (including four out of the six ‘Big Banks’) rely on the FRSGlobal solution to meet their regulatory reporting requirements. Canadian customers will automatically receive all regulatory report changes as part of the FRSGlobal guaranteed regulatory update service, ensuring that clients will always be in compliance with changing regulatory requirements.

Richard Ferrari, Vice President – Americas, FRSGlobal, commented: “In Canada NCR reporting is a critical aspect of the regulatory landscape and our guarantee to keep up to date with these requirements as they change is of vital importance to our local customers. We are also able to assist them with the interpretation and guidance around any regulatory changes as well as the ability to drill down into the underlying transaction data of any report. This makes the whole reporting and audit function far cheaper, accurate and more timely than the manual, spreadsheet-based alternatives.”