EFG International selects FRSGlobal's regulatory reporting tool

Swiss private banking and asset management company EFG International has selected FRSGlobal's regulatory reporting tool, RegPro, for regulatory reporting in its France, Spain, Luxembourg, Monaco, Hong Kong and Singapore branches. FRSGlobal is a Belgium-based provider of risk and regulatory compliance solutions.

With RegPro, EFG International can generate the regulatory reports that will keep them in line with each of the six countries' different reporting requirements, claims FRSGlobal.

FRSGlobal's RegPro consists of: a single repository of validated data originating from various source systems; a software that automates the generation of risk and regulatory reports; fully defined automated regulatory reports for 40 plus countries; the ability to define internal management-style or reports for new business areas; and a library of submitted regulatory reports with the ability for audit through full drill-down/up functionality for investigation into how the figures were derived.

Mark Bagnall, head of IT at EFG International, said: "We have a high volume of business across a wide range of financial products in numerous countries, which requires detailed, accurate and regular reporting to the local regulators. To do this we have to use data from a wide range of disparate systems which can be inflexible to upgrade when faced with frequent regulatory changes.

"With FRSGlobal's solution we can feed these different sources into a central repository that harnesses financial intelligence across our global enterprise, while maintaining the country-specific requirements of the local regulators."

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