Head office: 100 South 5th Street, Suite 700, Minneapolis, MN 55402-1466 King Street West, Toronto, ON M5X1J2, Canada Tel: 800-552-9408 or +1-612-656-7700 Online contact form:
www.wolterskluwerfs.com/contact-us.aspx Other offices: Austria, China, Czech Republic, Dubai, France, Germany, Hong Kong, India, Ireland, Italy, Luxembourg, Netherlands, Poland, Portugal, Romania, Singapore, Spain, Switzerland, Thailand, UAE, UK, and US Website:
www.wolterskluwerfs.com Twitter: @WoltersKluwerFS Contacts: Raffi Festekjian, CEO finance risk and compliance; Wolfgang Prinz, VP product management; Inga Rottmann, VP global marketing Founded: 1836 Ownership: Privately owned Number of staff: Around 2300
Providus for operational risk in 2005; Iris (a Swiss risk management system supplier) and Secam+ UK securities reporting business in 2008. In 2010, it bought the regulatory reporting business of its former partner, KPMG Czech Republic, which saw the launch of a Central and Eastern Europe (CEE) hub in Prague. FRSGlobal had worked with KPMG Czech Republic over the previous 15 years, providing some of the large local banks and branches of foreign banks with solutions for regulatory reporting, such as those of the Czech National Bank (CNB), National Bank of Slovakia (SNB) and Ministry of Finance. KPMG Czech Republic’s regulatory reporting team joined FRSGlobal’s European division. The following year it bought long-standing UK regulatory
reporting specialist, Spring (this purchase was made after the Wolters Kluwer arrival). Spring’s primary product was the first software package to be developed specifically for Bank of England reporting (in the mid-1980s). Five of the six largest UK banking groups used Spring to report to the regulator. Spring also provided solutions that addressed the financial reporting requirements of the Central Bank of Ireland, the FSA (now FCA) and British Bankers’ Association. Additionally, Spring catered to UK Building Societies. As an aside, in 2011, FRSGlobal approached rival risk
vendor, Lombard Risk, with a view to an acquisition, but this did not go ahead. The RegPro solution has been around since 1999, when
its first iteration, known as Fire, was launched. The second iteration – FinancialAnalytics – was unveiled in 2003. RiskPro was the newer system, having hit the market
in 2008. The following year, FRSGlobal launched The Next Generation (TNG) as a unified risk and regulatory platform combining external regulatory reporting for 40 countries and (internal) management reporting, with full risk management capability.
FRSGlobal solutions were a combination of modules
from RegPro and RiskPro, sharing a single Data Foundation and Calculation Engine. The Data Foundation was basically a
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standardised data model, designed to facilitate the streamlined collection of contractual, account, risk and transactional information. The unified platform enabled by this component was intended to then provide firms with the ability to centralise risk management and regulatory reporting. It now underpins the current combined Wolters Kluwer offering. There was also a grid-enabled component to process high
volumes of data rapidly, the Calculation Engine. This was designed to address the demands by regulators to incorporate the results of far-reaching, often cash flow-based calculations into statistical and prudential reports. There were some country-specific initiatives. For instance, FRSGlobal worked with its French technology partner, Semansys Technologies, to develop a solution for the French Commission’s Système Unifié de Reporting Financier (SURFI) regulation. By March 2011, FRSGlobal claimed that 40+ firms had gone live with this including ABC International Bank, Attijariwafa Bank Europe, BGFI International, BNP Paribas Wealth Management Monaco, Ecobank, EFG Gestion Privée, Fideuram Monaco, HSBC Private Bank, Intesa SanPaolo, KBC Bank, LaNef, Rabobank International Bank, and Banque Cantonale de Geneve SA (BCGEF). In April 2011, FRSGlobal announced a new web front-end
across its solutions. The Java-based functionality promised flexible dashboard technology and an online analytical processing (OLAP) cube, allowing users to view, slice, and dice results of risk and regulatory reporting data, making analysis easier and more flexible. Over 2011, FRSGlobal said it planned to add further functionality to its web-enabled technology, including the addition of advanced user work flow management and data workflow management.
User experiences – RiskPro, RegPro
FRSGlobal had long strived for a broad global presence and went a fair way towards achieving this, its marketing material boasting that 41 of the world’s top 50 banks used FRSGlobal
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