FRSGlobal : Risk Analysis and Regulatory Reporting

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Regulatory

Regulators in Cyprus

The supervisory and regulatory framework in Cyprus consists of:

Central Bank of Cyprus

FRSGlobal in Cyprus

Cyprus is an open economy, the largest sector which represents 70% of the economy is services i.e. tourism, financial services and real estate.

The central bank made a few changes in banking regulation to strengthen the financial position of banks in the country. To strengthen the capital requirements framework, the central bank amended the capital requirements and large exposures requirements of banks in 2010. For the management of compliance risk, the central bank brought in changes in the internal control systems of the banks. Changes in assessment of customer creditworthiness were brought in so that the quality of the data provided by banks which participate in data exchange arrangements are of set standards. Amendments in prudential liquidity of the Euro took place to strengthen the general framework of prudential liquidity of banks.

Firms are faced with investing time, effort and resource to:

Keep abreast of the latest regulatory demands
Understand regulatory requirements
Re-configure IT solutions to address changing business issues
Meet risk and regulatory demands to stay compliant
Have audit capability to meet internal and external investigation
Have consistent information for both internal and external consumption

With FRSGlobal’s content rich solutions you don’t have to worry about these things.

As leaders in the field of risk and regulatory solutions FRSGlobal understands your business needs, our heritage in and in-depth knowledge of the financial market enables the development of our solutions to be so flexible that they meets the needs of ALL firms whatever the size or complexity.

FRSGlobal leads the way in risk and regulatory compliance solutions. Our combined platform for risk management and regulatory reporting covers all instruments required for conventional banking.

Contact FRSGlobal

Kleine Kloosterstraat 23
1932 Sint-Stevens-Woluwe
Belgium

T: +32 2 416 24 00
E: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Regulatory Environment — Cyprus

Statutory	Prudential	Transactional
Balance sheet reporting	Capital adequacy reporting	Derivative statements
Party disclosures	Liquidity reporting	Leasing

Statutory

Balance sheet reporting
Balance sheet reporting provides information on financial statements positions and is required by the Central Bank of Cyprus on a monthly and quarterly basis. Under this type of reporting all banks in Cyprus are required to submit reports on position of assets and liabilities, income statement, etc.

Party disclosures
Banks need to submit information to the Central Bank of Cyprus regarding party exposures in current accounts, term loans, financial leases, consumer credit, mortgage loans, trading securities, investment securities, etc.

Prudential

Capital adequacy reporting
The Central Bank of Cyprus follows Basel II standards. The guidelines for capital adequacy reporting are based on the Common Reporting Framework (COREP). They provide the minimum amount, the elements and structure of credit institution’s own funds and minimum capital requirements as well as disclosure requirements.

Liquidity reporting
Banks need to report liquid assets, maturity structure of assets, liabilities and off-balance sheet items, and liquidity ratio to the Central Bank of Cyprus.

Transactional

Derivative statements
Banks in Cyprus need to report derivatives held for trading, hedge accounting, gains (losses) from hedge accounting and analysis of equity to the Central Bank of Cyprus on periodic basis.

Leasing
Leasing operations carried out by banks in Cyprus need to be reported to the Central Bank of Cyprus on a quarterly basis.

So how can we help you?

FRSGlobal provides regulatory reporting solutions throughout the world for banks, insurance companies, and other financial institutions. By leveraging a global data model (DataFoundation), a standardised integral development environment (ReportBuilder), fully integrated calculation capabilities of RiskPro and a global runtime engine for reporting (ReportGenerator), FRSGlobal can provide local reporting efficiently consistently for any jurisdiction.

The main benefits of the FRSGlobal regulatory reporting solution include:

Regulatory Update Service (RUS): FRSGlobal is actively monitoring regulatory changes and provides updates within the product subscription
Full audit trail and ability to drill down to underlying data, variance analysis etc. as part of the run-time engine
Fully integrated solution for risk management and regulatory reporting - increasingly important as new global directives gravitate towards the need for these previously silo’d disciplines to converge. This means:
- Single source of data and data management to ensure consistency
- Any risk calculation results relevant for regulatory reporting are automatically taken into account into the reporting
Regulatory reporting includes report level validation rules and electronic delivery where applicable
Local domain expertise while at the same time global consistency

Contact FRSGlobal

Kleine Kloosterstraat 23
1932 Sint-Stevens-Woluwe
Belgium

T: +32 2 416 24 00
E: This e-mail address is being protected from spambots. You need JavaScript enabled to view it