FRSGlobal launches regulatory reporting product for India

ne March 07, 2011, 17:30 IST

FRSGlobal, 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 has reviewed and incorporated the new regulatory and legal reporting requirements from the Reserve Bank of India (RBI) into its regulatory reporting solution for banks in India. The solution hosts a single data repository and automates report compilation from end to end, which saves firms’ valuable time and resources. It is also fully extendable to other reports in India or any of the other 40+ countries FRSGlobal covers.
 
The new FRSGlobal functionality builds upon Wolters Kluwer Financial Services’ business expansion in the Indian financial services market. The company recently announced that it is providing compliance and risk management solutions that have been specifically designed to help financial professionals in India’s financial services market to comply with industry regulations. Further to this, Wolters Kluwer Financial Services recently launched the Compliance Resource Network (CRN) to the Indian Banking Market, which consolidates financial laws, regulations and commentary from across the globe on a single research platform, and complements FRSGlobal’s RegPro product suite.
 
FRSGlobal’s solution has been designed to address the complex reporting requirements faced by foreign banks operating in India and provides:

• Automated regulatory reporting: The automated extraction of data from firms’ multiple source systems to populate Department of Supervision Banking returns, regulatory reserve computation (Cash Reserve Ratios & Statutory Liquidity Ratios), various statistical and prudential returns and transaction reports means that firms can better ensure quality of data and its timely submission to the RBI
• 230+ reporting templates: The application provides an extensive number of both financial (i.e. financial statements reporting) and non-financial, transaction-style reporting templates (i.e. high-volume, large exposure reporting, interest rate risk, liquidity and cash flow analysis, and transactional reporting)
• Support for full range of financial products: The reporting application covers a wide range of financial products including derivatives, securities, repos, etc
• Automation of complex processing requirements: The application automates various processing requirements, such as average balance computation, profit and loss computation base on average rate, top exposure aggregation and ranking, collateral processing, etc
• Reporting in large volumes: The reporting application facilitates large volume reporting, especially for statistical, transactional and turnover data
• XBRL delivery: The application delivers eXtensible Business Reporting Language (XBRL) reporting in line with the RBI’s requirements
• Single data repository: The RBI outlines the need for a single reporting repository from which the regulator can query or obtain data, which FRSGlobal’s DataFoundation helps facilitate.

Steve Thurley, VP of Asia Pacific and Japan said: “The aftermath of the financial crisis has led to regulators and governing bodies around the world realising that their policy and decision-making processes need to be more information intensive. This has led to the publication of new regulatory guidelines such as the recent RBI approach paper, which outlines how data from commercial banks’ core banking and other IT systems now has to be automatically sent to the RBI with a view to ensuring accuracy and integrity of data flow.”
 
Thurley continued: “The paper also discusses how banks must ensure a seamless flow of data from their transaction server to their management information system (MIS) server, and then automatically generate all returns from this server, without any manual intervention. This kind of data architecture and delivery outlined by the RBI underscores the need for the FRSGlobal solution with its powerful solution set, and our unique ability to assist firms in India to navigate the new regulatory landscape.”
 
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
• 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.