Rob Starr, Big4.com Staff Reporter
The development of IT solutions for regulatory reporting required by banking supervision law were reported by BearingPoint in cooperation with SAP AG earlier this year. BearingPoint’s ABACUS/DaVinci standard software will be integrated into SAP® Bank Analyzer and will be available under the name IRR (International Regulatory Reporting) through BearingPoint. With IRR, financial institutions can for the first time use a holistic software solution, which is based on German statutory duty of disclosure as well as on bank-wide management of the process of calculating, evaluating and analysing financial products, on an SAP platform.
BearingPoint and SAP support financial institutions in optimising their business and IT processes. With the new comprehensive regulatory reporting software IRR, they intend to provide significant added value in terms of advanced technology. Within the framework of the co-development agreement the two companies are working on integrating the results from reporting systems into SAP NetWeaver® Business Warehouse and comprehensively reflecting them in the SAP® BusinessObjects Enterprise Risk Reporting for Banking analytic application.
Werner Kreutzmann, Partner of BearingPoint and firm-wide leader for banking spoke about the innovation needed to make the venture a success.
‘Credit and financial-services providers benefit greatly from this innovative solution,’ he said. ‘The integrated platform not only saves costs and reduces the time needed to introduce new processes, but also minimises the effort for maintenance and adaptation to legal changes.’ BearingPoint will provide both software solutions: the IRR software, specialised to the needs of SAP Bank Analyzer clients, and the independent ABACUS/DaVinci standard software.’