FRSGlobal

09/02/2011

Wolters Kluwer Financial Services’ FRSGlobal increases presence in Middle East with launch of Bahrain reporting solution

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Bahrain – 9th February 2011: FRSGlobal, a part of Wolters Kluwer Financial Services, a leading worldwide provider of compliance and risk management solutions for the financial services industry, today announced that it is increasing its footprint in the Middle East by introducing reporting capabilities for banks operating in Bahrain into its global regulatory solution. This initiative supports Wolters Kluwer Financial Services’ continued focus to provide global financial organisations with comprehensive risk management and compliance solutions.

FRSGlobal’s regulatory reporting solution automates report compilation and submission to the national regulator – helping save Bahrain firms’ valuable time and resource, and helping ensure compliance with latest requirements on an ongoing basis via the FRSGlobal regulatory update service. The solution will specifically help enable authorised firms to submit the regulatory reports more efficiently, accurately and on time to the Central Bank of Bahrain (CBB). The application provides broad reporting scope ranging from prudential risk reporting to standard statutory and statistical return such as;

• Statutory
  Financial statements reporting;
  Suspicious transaction reporting;
  Balance sheet reporting;
  Profit and loss and balance sheets statements;
  
  
• Prudential
  Capital adequacy reporting;
  Prudential information reporting;
  Large exposure reporting;
  
  
• Statistical
  Statistics returns reporting.

Roy Barnes, Head Of Middle East Operations for FRSGlobal, commented: “In comparison to many countries around the world, firms in Bahrain have emerged from the global financial crisis relatively unscathed. The CBB’s recent consultation paper on liquidity risk for conventional banks follows the best practice principles of the Basel Committee and clearly outlines the need for firms in the region to have a strong integrated risk and reporting framework in place to keep them as prepared as possible against future crises. Banks in the regions also need to provide vital intelligence and analytics to the business and ultimately improve their capabilities to optimise performance and minimise risk. I am very pleased that FRSGlobal can assist by broadening our industry-acclaimed solutions across the region.”

FRSGlobal’s full regulatory reporting solution consists of:

• A single repository for both Risk & Regulatory data;
• Capability to organise information to support Executive decisions and define internal management-style reports;
• Easy-to-use software that helps to automate the generation of risk and regulatory reports;
• Fully defined automated regulatory reports for 40+ countries, with the FRSGlobal Regulatory Update Service to help keep firms in line with regulators' requirements which, in the current climate, significantly eases the regulatory burden on financial institutions; and
• A library of submitted regulatory reports with the ability for audit through full drill-down/up functionality for rapid investigation into how the figures were derived.

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