Société Générale Private Banking Selects Wolters Kluwer Financial Services To Help Meet Basel III Requirements In Belgium
Posted: 28 July 2014 | Source: Wolters Kluwer
Solution Selected to Provide Risk Management Analyses and the Automation of COREP XBRL Returns
Wolters Kluwer Financial Services announced today that one of the largest European financial services groups, Société Générale Private Banking, has selected its Risk Management and Regulatory Reporting solution to help facilitate compliance with the Capital Requirements Directive IV in Belgium. The solution platform will provide the bank with capital, counterparty credit and liquidity risk analyses, as well as automated reporting of the COREP XBRL returns, in line with CRDIV expectations, the European implementation of the global directive, Basel III.
Société Générale Private Banking has also previously implemented Wolters Kluwer Financial Services’ Risk Management and Regulatory Reporting solution to address its Basel II requirements in Belgium. The French institution, which has also implemented the Regulatory Reporting solution for Singapore and Hong Kong regulatory returns, decided to continue its partnership with Wolters Kluwer Financial Services in Belgium to help meet the new Basel III requirements.
“Ensuring our IT infrastructure is as robust and efficient as possible is essential to meeting new regulatory requirements such as CRDIV, but also helps us to strengthen our business whilst optimizing performance,” said Bart Folens, Head of Finance at Société Générale Private Banking. “Wolters Kluwer Financial Services has proved to be a trusted provider of integrated risk management and regulatory reporting solutions to our business. It is this trust, along with their expertise and track record of delivery, that we opted for its solution and services once again.”
“The new requirements directed at financial institutions by Basel III place significant burden on manual IT systems and infrastructure; but automated technology is only part of the solution,” says Clive Pedder, managing director EMEA at Wolters Kluwer Financial Services. “In-depth knowledge of these requirements, at both the global and local level, combined with on-hand consulting services, helps ensure that institutions optimizing our Basel III risk and regulatory reporting solution are provided with the necessary means to help them work towards full compliance.”
Wolters Kluwer Financial Services' solution for Basel III provides institutions with a single platform enabling risk management and regulatory metrics through an integrated data layer.