BearingPoint and IBM Partner to Develop RegTech Offerings
Posted: 23 November 2018 | Source: BearingPoint
Management and technology consultancy BearingPoint, which ranks among the leading providers of Regulatory and Risk Technology (RegTech/RiskTech), announced today that its RegTech product unit has formed a partnership with IBM Services for regulatory reporting. With their joint offering, the companies will help small and medium-sized financial institutions, which are struggling with the steadily increasing regulatory requirements. New regulations such as AnaCredit and MREL, new data models, and challenging timelines for new regulatory requirements threaten to exceed the capacities of smaller institutions. The joint offering allows financial institutions to outsource their regulatory reporting processes and covers both the business processes and technical operation as well as software maintenance and further development.
"We see growing demand for business process outsourcing services in the market as smaller institutions find it increasingly difficult to keep pace with regulatory requirements in terms of workload, financial and risk aspects. This is one of the reasons why we strengthened our team a year ago with an operational reporting specialist team and have already taken over the technical reporting for several clients. Our joint offering with BearingPoint is based on a standardized solution and processes that enable economies of scale." said Jean-Henrik Zitterbart, Industry Leader Banking & Financial Markets DACH, IBM.
"Our partnership with IBM Services and our joint RegTech factory offering responds to fundamental market needs and is another important milestone for our growth strategy. Financial institutions are under pressure in two ways – to achieve regulatory compliance and at the same time limit the costs in an increasingly volatile, uncertain and complex environment. Our joint BPO offering with IBM built upon our well-established Abacus platform is tailored to this need." said Bodo Windmöller, Chief Product Officer RegTech at BearingPoint.