04/04/2017
Regulatory requirements for banks have become so complex it is nearly impossible to maintain a clear overview. The regulations of BCBS 239 and the new own funds regulations are just two examples. To help financial institutes master these challenges, msg and Fiducia & GAD began working together in 2016 to develop a new platform. The advanced risk and return management platform enables reports based on consistent data and methods, as well as transparent data flows and calculation bases. Furthermore, processes have been optimized and modern operating concepts integrated.
The result will be a solution that allows cooperative and public sector financial institutes, private and business banks, as well as major and specialized commercial institutes satisfy the regulatory requirements of European and German banking supervision. msg systems ag and Fiducia & GAD IT AG founded a new development company to help facilitate their joint development of the new platform for accounting, reporting, controlling and risk management: EGP Gesamtbanksteuerungssysteme GmbH & Co. KG.
“Banks have been flooded with regulatory requirements ever since the financial crisis -requirements that can only be mastered using a standardized software environment. The platform opens up new courses of action for our customers and enables them to implement the requirements of BCBS 239 in both an economic and competitive way,” explains Dr. Stephan Frohnhoff, a member of the Board of Directors at msg.
The solution has a modular structure and is distinguished by its consistent processes and high degree of automation. The first module to be provided on the platform is AnaCredit, which will be available June 30, 2017. Further modules, which include BISTA and FinaV, will follow at the end of the year. The overall platform is scheduled to be completed in 2019, at which time all of the planned functions will be available.
Bundled Expertise
msg and Fiducia & GAD have been developing modern regulatory solutions for years. Now they are combining their established concepts and components, as well as many years of experience in the implementation of business and technical services, into a single joint development. BSM, msgGillardon and parcIT are the subsidiaries that are working to develop the joint solution.
“Our goal is to promote systematic collaboration and to bundle our respective know-how to establish a new market standard,” states Klaus-Peter Bruns, Chairman of the Board of Directors and Fiducia & GAD. Dr. Frohnhoff adds, “Software itself is no longer a distinguishing feature for banks. In today’s market, you must provide consistent, value-generating functions on a modular, modern platform, while automating processes and offering investment protection. This platform opens the door to digitalization in risk and return management, while also providing a solution that can also be used across Europe in the long term.”
