Reliable navigation through the regulatory tsunami
Firm-wide Leader Solutions
In 2016, we launched our Solutions business with its three product lines: regulatory technology (RegTech), digital transformation, and advanced analytics. Since then, it has been a growth driver and strategic focus area of the firm, allowing for further substantial investments in all product lines so as to provide state-ofthe- art solutions at the cutting edge of digitalization. Fueled by this focus, we have seen tremendous progress.
RegTech, our biggest product line, powered by more than 20 years of continuous improvement, has seen rapid international expansion within and beyond Europe. It helped European banking regulatory authorities as well as international banks and insurance companies navigate through the growing tsunami of regulatory reporting requirements. The Abacus Solution Suite and Swiss Assets stand out in particular, as a growing number of clients in more countries than ever use our products to deal with complex regulatory challenges in banking, insurance, capital markets, and tax reporting. The evolution of the Abacus Solution Suite also reached a new pinnacle with the launch of Abacus360. Its new architecture and features promptly attracted the first wave of clients. Abacus360 made its debut at our Abacus Convention in November, which was the biggest event we ever held, with over 600 participants from the European banking and insurance sectors. Under the motto “Rethinking Regulation,” we had lively discussions on how digitalization could be used to optimize RegTech with innovation and efficiency.
The high quality of our RegTech products has been recognized by a flurry of awards and rankings. In 2016, the Abacus360 Regulator product won the prestigious Central Banking Award as the “Technology Provider of the Year.” Chartis, renowned as the most comprehensive independent study of the world’s major players in risk and compliance technology, ranked BearingPoint as one of the top 30 in their RiskTech100 Report. Our Abacus risk-reporting solution moved up by 27 places on the Chartis list, one of the best one-year improvements in the history of this ranking.
We have also seen enormous growth in our tax products, thriving across existing as well as new clients. FiTAX in particular made its way to new markets such as Singapore. It now covers reporting templates for up to 85 countries and has been chosen as the main reporting solution by more than 70 major financial groups, representing over 1,750 financial institutions across more than 45 countries. Sales to existing and new clients also grew with the EasyTAX next-generation product, which is also expected to further expand internationally.
The success of our RegTech products is rooted in the strong structural base of our Solutions unit. We have established a solid operational framework with corresponding career models and governance to support a sustainable growth strategy. Based on this core, we believe in the high growth potential for all RegTech products, also driven by continuous internationalization and refinement of our products. Finally, the upcoming RegTech Convention will provide even further momentum as our 2017 event will be expanded to include a European RegTech Summit.