Societe Generale Private Banking (SGPB) has selected Wolters Kluwer Financial Services risk management and regulatory reporting solution to facilitate compliance with the capital requirements directive IV in Belgium.
Under the partnership, Wolters Kluwer’s solution platform will offer the bank with capital, counterparty credit and liquidity risk analyses, as well as automated reporting of the COREP XBRL returns, in compliance with CRDIV, the European implementation of Basel III.
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Previoulsy, SGPB has selected Wolters Kluwer’s reporting solution to meet basel III requirements in Belgium.
SGPB had already deployed the regulatory reporting solution from Wolters Kluwer for Singapore and Hong Kong regulatory returns, as well as to meet its Basel II requirements in Belgium.
Additionally, the solution for Basel III will provide institutions with a single platform allowing risk management and regulatory metrics through an integrated data layer.
Bart Folens, head of finance at Société Générale Private Banking, said: "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 while optimizing performance."
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By GlobalDataClive Pedder, managing director EMEA at Wolters Kluwer Financial Services, said: "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.
"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," he added.
