Adoption of the regulatory reporting platform will enable the lender to calculate and submit the common reporting (CoRep) in compliance with the requirements drawn by the Basel Committee for Banking Supervision.
Having capability to automate CoRep reporting, the new technology is efficient and accurate with manageable reporting processes, while saving time, resources and streamlining processes.
The bank has already deployed Wolters Kluwer Financial Services’ regulatory reporting technology for Belgium, and now is gearing up to adopt the same for the Netherlands to meet reporting requirements in the country.
Mizuho Corporate Bank Nederland risk control officer David Morival said that the bank was searching for an automated technology which can provide more data whilst monitoring its integrity to help cope with increasing regulatory requirements.
Following completion of the deployment, the bank will benefit from automation, standardization and simplification of reports as a result of less reliance on dependencies across the end to end process, having strong audit trails of data flows.
Further, it will offer consistency throughout the various reports presented to the regulators including the Dutch National Bank and the National Bank of Belgium.
