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International Bank Selects FinArch Solution
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Société Générale Private Banking Belgium will implement FinArch's Financial Studio solution to achieve Basel II compliance and Basel II solution.
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Thursday, February 07, 2008:
Financial Architects nv (FinArch), a provider of a Finance Resource Planning (FRP) platform, has announced that Société Générale Private Banking Belgium will implement its Financial Studio to achieve Basel II compliance.
FinArch's Basel II solution, with integrated reporting functionality, computes the Basel II capital requirements, applies the appropriate national discretion parameters and submits the reports to the regulatory bodies.
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The solution will enable Société Générale to be Basel II compliant with both pillar 1 and pillar 2 ahead of the 2008 deadline.
The Financial Studio solution gives the availability of automated calculation of the capital requirements for credit, operational and market risk, as an input to the pillar 1 COREP reports. Also pillar 2 compliance, including the calculation and reporting on interest rate, liquidity and concentration risks, is covered.
"Initially, we did not feel much for outsourcing Basel II calculation. We expected it to be 'easy' as we had managed to do for Basel I," said Wim De Coen, Secretary-General, from Société Générale Private Banking. "What we need is a 100 per cent compliant solution that provides complete transparency and enough flexibility for us to manage our risk as appropriate to our business complexity and size. That is what FinArch’s Basel II offers us."
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