Management and technology consultancy BearingPoint implements ABACUS/Regulator at the National Bank of Romania as standard-platform for regulatory data collection
BUCHAREST, ROMANIA AND FRANKFURT, GERMANY -- (Marketwired) - The National Bank of Romania (NBR) has implemented BearingPoint's standard software solution ABACUS/Regulator to comply with the new data collection and remittance requirements of the European Banking Authority (EBA). With BearingPoint's rapid deployment data collection platform, NBR can quickly collect financial and risk data from Romanian banks and submit the requested data to the EBA in due time.
Reporting of the new European capital requirements CRD IV/CRR I for Romanian banks and remittance of the data to the EBA by the means of ABACUS/Regulator provides the NBR with low cost of maintaining the constant changes in European data collection. According to NBR, BearingPoint's new generation, robust and rapid deployment data collection platform enabled the national bank to meet the regulatory reporting timetable set by the EBA. The project team provided technical, XBRL (eXtensible Business Reporting Language) and regulatory expertise for the EBA standards COREP and FINREP to the NBR. Moreover the project was delivered on time and on budget, meeting NBR's expectations.
"Together with the experienced team of the National Bank of Romania, BearingPoint reached a crucial milestone in providing a standard data collection and data analytics platform to regulators. Having a holistic understanding of the regulatory value chain we are committed to delivering value to our customers in the financial services industry and the NBR project is one of the best examples of this approach," said Dr. Maciej Piechocki, Partner in Financial Services at BearingPoint responsible for central banks and supervisory authorities.
ABACUS/Regulator is a new generation data collection platform for the end-to-end regulatory value chain process of prudential supervision for central banks and supervisory authorities. The solution is designed to fully fulfil operational supervision and encompasses data collection in different file formats, data validation, storage, workflow management and report visualization. BearingPoint provides regulators with the most current published requirements from the pan-European regulators covering functional enhancements, e.g., reporting frameworks, XBRL taxonomies, as well as XBRL and non-XBRL validations.
ABACUS/Regulator is a standard software product for regulators looking for a state-of-the-art end-to-end regulatory reporting solution. The application requires only a very short configuration phase before going live and rapidly adapts to any changes in the European reporting requirements. It avoids the necessity of costly and often risky internal development projects.
The solution is based on BearingPoint's ABACUS platform, widely used by financial services institutions such as banks, credit institutions, insurance companies, and regulators to meet their regulatory data collection and reporting requirements.
For further information please go to www.bessgmbh.com/en/products/abacus-regulator/
About National Bank of Romania
The National Bank of Romania (NBR) is the central bank of Romania. NBR is an independent public institution, with its headquarters in Bucharest. Its primary objective is to ensure and maintain price stability. The National Bank of Romania supports the general economic policy of the Government without prejudice to its primary objective. On January 1, 2007, when Romania had joined the European Union, NBR became part of the European System of Central Banks (ESCB), and the NBR's Governor, member of General Council of the European Central Bank (ECB).The National Bank of Romania (NBR) is responsible for prudential supervision of credit institutions in order to ensure the smooth functioning and viability of the banking system.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client's individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world's leading companies and organizations. Our global consulting network of 9,700 people serves clients in more than 70 countries and engages with them for measurable results and long-lasting success.
For more information, please visit: www.bearingpoint.com