BNP Paribas Corporate and Investment Banking (CIB) has signed a contract to implement FRSGlobal FinancialAnalytics software solution to handle its regulatory reporting in Russia with FRSGlobal, the provider of risk and regulatory compliance reporting solutions with coverage for 30+ countries.

Previously the solution was successfully implemented in Belgium, Germany, Poland, Hungary, Ireland, Portugal and the Netherlands; Greece and Spain are the next countries to be rolled-out.

BNP Paribas CIB needed a comprehensive solution to combine the complex Russian reporting requirements and facilitate its global reporting process. Standard features of FRSGlobal FinancialAnalytics software perfectly meet these selection criteria.

After a strict and competitive selection process, FRSGlobal was selected due to its proven expertise in compliance reporting and its innovative approach to supporting BNP Paribas’ current business and future business in Russia.

FRSGlobal FinancialAnalytics enables banks to standardise and consolidate their procedures whilst automating risk and regulatory reporting across multiple countries and regulatory entities. Users are able to control this process from beginning to end – taking data from the source systems through to sending the reports to the regulator.

Under the agreement, FRSGlobal will work with BNP Paribas CIB to implement its FinancialAnalytics software in Moscow and provide updates to new and existing reports as part of the subscription agreement.

Based on the experience of its European Competence Centre for FinancialAnalytics, Russia becomes the tenth country in Europe to implement the FinancialAnalytics software within BNP Paribas.

Jan Stahlenberg, Head of the Competence Centre Europe at BNP Paribas CIB, commented “We are pleased to be working with FRSGlobal on this project as they have demonstrated time and again that they are a safe pair of hands to support our local reporting functions. This is a unique offering and perfectly matches our desire to support and strengthen the regulatory reporting operation from a centralised hub.”

Steve Husk, CEO of FRSGlobal noted “This is a further example of our ability to deliver using a single product, with a single customer, across multiple regions. It is rewarding to show that our model, our systems and our team perfectly match the needs of the market.”