Business & Finance
Business and Finance
Business and Finance
Thu, July 30, 2009
Wed, July 29, 2009 FRSGlobal: BBVA Compass Streamlines U.S. Regulatory Reporting Process With FRSGlobal Solution
NEW YORK, NY--(Marketwire - July 29, 2009) - FRSGlobal, the only global provider of risk and regulatory compliance solutions on a unified platform with coverage for over 30 countries, today announced that BBVA Compass, a leading U.S. banking franchise with 578 branches, and FRS Global have entered into an agreement under which FRSGlobal's consolidated risk and regulatory platform will assist BBVA Compass in compiling its regulatory reports that are filed with the bank's U.S. banking regulators.
The FRSGlobal solution enables BBVA Compass to automate 48 weekly, monthly, quarterly, biannual, and annual reports required by the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Federal Financial Institutions Examination Council (FFIEC), Department of Commerce, and Department of Treasury.
Chris Butler, Senior Vice President of Financial Reporting, BBVA Compass, stated:
"FRSGlobal's risk and regulatory platform will help us streamline our processes designed to meet our regulatory reporting requirements. In addition to increasing our efficiency, with the FRSGlobal suite of services we'll be able to more quickly adjust to changes in reporting requirements."
Richard Ferrari, Vice President - Americas, FRSGlobal, commented:
"BBVA Compass has taken a truly corporate view on the importance of Regulatory Reporting within their environment. With 100% backing from the Risk, Legal, Finance and IT departments the bank clearly understands the criticality of efficient risk and regulatory reporting in today's environment. We are pleased to welcome BBVA Compass to the FRSGlobal community of banks relying on us to ensure regulatory compliance."
ABOUT BBVA COMPASS
BBVA Compass is a Sunbelt-based financial institution that operates 578 branches including 306 in Texas, 92 in Alabama, 77 in Arizona, 45 in Florida, 36 in Colorado and 22 in New Mexico. BBVA Compass is among the top 25 largest banks in the U.S. based on deposit market share and ranks among the largest banks in Texas (4th) and Alabama (3rd).
BBVA Compass is a subsidiary of Compass Bancshares, Inc., a wholly-owned subsidiary of BBVA (
[ About FRSGlobal ]
FRSGlobal is the only provider of risk management and regulatory compliance reporting solutions on a unified platform with a single data model.
FRSGlobal solutions are a combination of modules from RegPro and RiskPro, sharing a single DataFoundation and CalculationEngine:
-- RiskPro provides profitability analysis across the following risk types: Asset Liability Management (ALM), Liquidity, Market, Credit, Basel II, IFRS/IAS32 and 39, Solvency II, Funds Transfer Pricing and Economic Capital. -- RegPro enables financial institutions to address major regulatory and compliance requirements locally and globally -- with reports for more than 30 countries. -- Subscribing clients benefit from the FRSGlobal Guarantee, which ensures the regulatory reports are maintained in line with the Regulators' requirements. -- FRSGlobal Centre of Risk & Regulatory Excellence monitors risk and regulatory activities in 100+ countries.
FRSGlobal has nearly 20 years of industry expertise and its solutions are used in over 1500 financial organisations -- including 41 of the top 50 global banking institutions. It is owned by the Carlyle Group and Kennet Partners.
FRSGlobal is headquartered in Brussels with a further 19 other offices in North America (Boston, New York and Toronto), Europe (Amsterdam, Brussels, Dublin, Lisbon, London, Luxembourg, Madrid, Paris, Zurich, Lausanne, Warsaw and Cluj-Napoca (Romania)), Dubai and Asia Pacific and Japan (Hong Kong, Pune and Singapore).
