This initiative supports Wolters Kluwer Financial Services’ focus to provide global financial organizations with comprehensive risk management and compliance solutions.
FRSGlobal said that its regulatory reporting solution automates report compilation and submission to the national regulator, and ensure compliance with latest requirements on an ongoing basis via the FRSGlobal regulatory update service.
The solution will specifically help enable authorized firms to submit the regulatory reports more efficiently, accurately and on time to the Central Bank of Bahrain (CBB).
According to the FRSGlobal, the full regulatory reporting solution consists of: a single repository for both risk & regulatory data, capability to organize information, easy-to-use software, fully defined automated regulatory reports and a library of submitted regulatory reports.
FRSGlobal head of Middle East operations Roy Barnes said 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 optimize performance and minimise risk," Barnes said.
