London, November 2016 – Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory software, has been awarded a top prize by a cross-industry judging panel at the recent FCA TechSprint event for providing a solution which has the biggest potential to move the UK regulatory market forward.
The FCA TechSprint event is the second of its kind and has been developed to help the industry build strategic responses to industry problems. This TechSprint event focused on the theme of ‘Unlocking Regulatory Reporting’, to which BearingPoint teamed up with Model Drivers – a niche technology consultancy – to develop a solution to address the complexity of the UK regulatory reporting environment.
Presenting a solution based on our Abacus360 solution, BearingPoint and Model Drivers were able to demonstrate the capabilities of the platform, the importance of embracing semantics, and the potential of the solution to bring about a truly revolutionary change to regulatory reporting in the UK.
We are honored to have been invited to participate in this TechSprint event which has allowed us to demonstrate the potential of our Abacus360 solution for the UK regulatory reporting industry. We are extremely proud to have been awarded the Jump prize for the solution - demonstrating the most potential to move the industry forward - testament to the capabilities of our solution.
Maciej Piechocki, Partner, BearingPint
The cost of compliance, and specifically Regulatory Reporting, continues to soar in the UK. It was great to be able to demonstrate that by taking a more holistic approach to this problem with a semantic based utility platform significant savings can be made across the industry as a whole.
Mark Shead, Manager, BearingPoint
We think the judges must have appreciated the innovation possibilities across the whole regulatory reporting chain. In-house systems is where the very big costs are. Model driven regulation is a game changer – our teams proposition enables firms to simplify their in-house systems as well as their regulatory reporting function.
Greg Soulsby, Director, Model Drivers
BearingPoint were also given an honorable mention at the event for the most practical development, making use of existing capabilities and which has the fastest time to develop and implement.
We Are RegTech
We are a leading globally situated, international provider of innovative regulatory, risk, and tax reporting technology for financial institutions. We offer standard software solutions along the entire regulatory value chain alongside an extensive service package of managed services, implementation consulting, and training seminars. We assist financial institutions, regulators, and central banks to increase the efficiency of regulatory reporting and data management and to comply rapidly with ever-changing requirements.
Abacus360 Banking stands for a holistic 360° approach that extends far beyond mere reporting. Based on a single data model, this solution integrates a comprehensive functionality for reporting, risk calculations and controlling KPIs. In order to keep up with the ever-changing regulatory trends and challenges, we are continuously investing in the development of new technologies and innovative solutions such as Abacus360 Banking.
We provide end-to-end support for all of the stakeholders along the regulatory value chain. From a single financial product to an individual organization, from a particular asset class to a market sector, in one country and across borders at the micro and macro level. We serve financial institutions, intermediary regulatory platforms, regulators, and supervisory authorities with our RegTech product line.
For more information about Abacus360, please visit: http://regtech.bearingpoint.com/
For more information about model driven regulation, please visit: www.modeldrivers.us
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success.
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Tel. +44 20 7337 3065