FRSGlobal, a part of the leading risk management solutions provider Wolters Kluwer Financial Services, is boosting its footprint in the Middle East through launch of reporting capabilities for banks operating in Bahrain into its global regulatory solution.

This initiative supports Wolters Kluwer Financial Services’ continued focus to provide global financial organisations with comprehensive risk management and compliance solutions, said a company statement.

FRSGlobal’s regulatory reporting solution automates report compilation and submission to the national regulator – helping save Bahrain firms’ valuable time and resource, and helping ensure compliance with latest requirements on an ongoing basis via the FRSGlobal regulatory update service.

The solution will specifically help enable authorised firms to submit the regulatory reports more efficiently, accurately and on time to the Central Bank of Bahrain (CBB), it added.

The application provides broad reporting scope ranging from prudential risk reporting to standard statutory and statistical returns such as financial statements reporting; suspicious transaction reporting; balance sheet reporting; profit and loss reporting besides large exposure reporting and statistics returns reporting.

Roy Barnes, head Of Middle East Operations for FRSGlobal, said, 'In comparison to many countries around the world, firms in Bahrain have emerged from the global financial crisis relatively unscathed.'

'The CBB’s recent consultation paper on liquidity risk for conventional banks follows the best practice principles of the Basel Committee and clearly outlines the need for firms in the region to have a strong integrated risk and reporting framework in place to keep them as prepared as possible against future crises.'

'Banks in the regions also need to provide vital intelligence and analytics to the business and ultimately improve their capabilities to optimise performance and minimise risk. I am very pleased that FRSGlobal can assist by broadening our industry-acclaimed solutions across the region, he added.-TradeArabia News Service