After a detailed assessment of the market, Taiwan Business Bank selected FRSGlobal to deliver reports to financial regulators in the PRC region, including the People’s Bank of China, the China Banking Regulatory Commission and the State Administration of Foreign Exchange, including foreign currency account reporting (ABOQ).

Wolters Kluwer Financial Services’ acquisition of China-based financial reporting software provider SASGAS in October 2011 was a key factor in Taiwan Business Bank’s decision to work with the company. The combination of the FRSGlobal and SASGAS businesses has made Wolters Kluwer Financial Services a leading risk and regulatory reporting provider to the foreign banking market in China, providing solutions for 64 foreign banks representing 56 percent of the market and including 21 of the top 50 banks.

“We have seen significant growth in our region over the last few years and the acquisition of SASGAS means that we have considerable presence in China particularly,” said Michael Thomas, Director of North Asia, Wolters Kluwer Financial Services’ FRSGlobal. “We look forward to working with Taiwan Business Bank and other foreign and domestic banks in the region, providing them with our comprehensive products and support.”

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At the same time the complexity and effort associated with new regulatory reporting and risk management requirements is steadily increasing. For example, the onset of Basel III is setting off an avalanche of data, results, reports and documentation which will need to be managed by firms around the world. On top of this comes an intensified level of detail as well as increased frequency and volume of data that needs to be disclosed, thus multiplying the need for resources within institutions who are dedicated to analyzing and processing the necessary information.

This gives rise to a number of new challenges which have to be mastered. For example, a growing operational risk for banks arises as a result of potential difficulties in coping with the amounts of data in the prescribed time intervals as well as incorrect processing.

The requirements for manpower – particularly from risk controllers, regulatory reporting managers, and compliance officers – have already been rising significantly for several years. As the January 2013 deadline for the statutory implementation of Basel III approaches, institutions are now coming under pressure to adjust their internal IT architecture and information management processes to the existing challenges of financial and risk reporting.

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