FiRE started in 1994 with the introduction of Basel I reporting at banks. The first customers were international banks using standard software solutions.
With the increasing complexity and frequency of reports and the more stringent attitude of regulators, the need for automation increased.
Right from the start, we worked with banking packages to develop a standard interface. This allowed banks changing their banking system to implement FiRE without too much effort.
Every year, up to 20 banks joined the community. With the introduction of market risk and Basel II in particular, many more banks adopted FiRE.
Today, around 200 banks in Switzerland use FiRE, making it the market leader in regulatory reporting.
You can find detailed information on www.bearingpointabs.com.
FiRE uses the reporting software Report Generator and MS SQL Server as a database. A standard interface called RT1 delivers balance sheet, off-balance sheet, customer securities and an income statement to FiRE. This information is captured monthly to produce around 200 reports to the Swiss National Bank and the FINMA.
We are permanently analyzing regulatory changes and publish the resulting requirements. Banks or the software companies managing banking systems have then to adapt the interface. As little as possible is changed in order to keep costs to a minimum and to allow the reuse of data for different reports. Also, the same consistent data is used in all reports. This is one of the main advantages of FiRE.
FiRE covers the following reports: