BearingPoint RegTech convinces SBI, a long-term reporting software customer, to sign up for its IRRBB solution and to use its central platform for risk management and reporting
Amsterdam/Frankfurt, 30.01.2020 – BearingPoint RegTech, a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech), has won the State Bank of India Frankfurt as customer for its Abacus360 Banking Risk solution "IRRBB". SBI is already a BearingPoint RegTech customer and uses Abacus360 Banking for its EBA reporting and to meet German reporting requirements.
State Bank of India has been a BearingPoint RegTech customer for almost 25 years and uses Abacus solutions for regulatory reporting. Over the years, we have continuously expanded the scope of use of Abacus and have therefore decided to use Abacus360 Banking as a central platform for risk management as well. Our previous positive experience with the Abacus software and the consulting services provided by BearingPoint RegTech have encouraged us to take this step.
Frithjof Ramb, Vice President Systems, SBI Frankfurt
We are very pleased that SBI decided on our IRRBB module and will be using Abacus360 Banking as a central platform for both, regulatory reporting and risk management. A common platform will enable improvements in data consistency, a single point of truth for data, reduced complexity and overall less effort in change-the-bank processes.
Dr. Maciej Piechocki, Member of the Management Board, BearingPoint RegTech
The EBA guidelines from 2018 and their local adoption in Germany (BaFin Circular 06/2019) require financial institutions to measure their interest rate risks in the banking book (IRRBB) at least quarterly from an economic perspective (EVE). The Circular 06/2019 had to be implemented by banks by December 31, 2019 with the first submission of reporting templates to the German regulator, the Deutsche Bundesbank, in mid-February 2020. Our modularized, flexible software solutions on the Abacus360 platform help banks to implement regulatory changes consistently and efficiently in order to adhere to a tight schedule.
Stefan Trummer, Product Manager Abacus360 Banking Risk at BearingPoint RegTech
With Abacus360 Banking, BearingPoint RegTech offers an innovative solution that combines reporting and risk management functions on a powerful platform. The established standard software covers requirements for national and international regulatory reporting, statistical reporting as well as granular reporting (AnaCredit), ad-hoc reporting and financial risk management. The integrated risk modules enable the calculation of risk figures on the basis of a uniform, redundancy-free data model for cash flow generation, valuation, credit risks, market risks and liquidity risks.
State Bank of India (SBI), with over 200 years of history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees, etc. State Bank of India, Frankfurt, started as a Representative Office in 1965 and as a full-fledged Branch in 1974. The bank finances not only a large part of the Indo-German-Trade but also a portion of European trade with India. The areas of operation include the Scandinavian countries and most of continental Europe. In Germany, SBI Frankfurt has the status of an independent Bank and offers personal, institutional and corporate deposit products at attractive interest rates.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: The first unit covers the advisory business with a clear focus on five key areas to drive growth across all regions. The second unit provides IP-driven managed services beyond SaaS and offers business critical services to its clients supporting their business success. The third unit provides the software for successful digital transformation and regulatory requirements. It is also designed to explore innovative business models with clients and partners by driving the financing and development of start-ups and leveraging ecosystems.
BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
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BearingPoint RegTech, a business unit of management and technology consultancy BearingPoint, is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services along the Regulatory Value Chain for financial services. Customers representing 6,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint RegTech’s products and services. BearingPoint RegTech works closely with regulators and, as a member of standardization bodies such as XBRL, actively contributes to the standard-setting process. BearingPoint RegTech combines regulatory know-how with a proven, reliable and forward-looking RegTech solution suite, expert consulting capabilities, managed services and training seminars.
For more information, please visit: www.reg.tech
Senior Manager Communications
Phone: +49 69 13022 3666
Global Senior Manager Communications
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