Sweden’s Finansinspektionen selects new generation of Abacus Regulator to collect and analyze financial and prudential data
- 11.05.2020 01:38 pm
BearingPoint RegTech, a leading international provider of innovative supervisory, regulatory and risk technology solutions (SupTech, RegTech and RiskTech), has won Sweden’s Finansinspektionen (FI) as a new customer for Abacus Regulator. The financial supervisory authority was looking for a service provider that could best help them to improve and streamline their data collection processes, validation, monitoring and analysis. Finansinspektionen will be using the Abacus Regulator software to fulfil both a comprehensive range of data collection and analysis for EBA, EIOPA, and ESMA reports as well as different national reports. In addition, BearingPoint RegTech will cover implementation, service, and support for the platform, including updates, upgrades, consulting services, as well as options and changes that come with any variation of business needs and technical requirements.
An increasing number of supervisory authorities are turning to technology to support their work, leveraging so-called supervisory technology (SupTech) applications to digitalize reporting and regulatory processes. With Abacus Regulator, BearingPoint RegTech offers supervisory authorities a modern, comprehensive, and user-friendly way to focus on their core activities and primary tasks in the area of supervision. Beyond pure data collection, the software provides integrated analytics capabilities, allowing supervisors to define standard and ad-hoc analyses according to their specific needs. Its portal component enables the collection of data directly from the reporting entities with benefits for the financial industry as well, such as a reporting schedule and pre-submission validations.
The new generation of the Abacus Regulator platform has been developed on state-of-the-art, big data, micro-service, cloud-ready architecture to allow for a future-proof solution for central banks and supervisory authorities.
"We are delighted about the trust that Finansinspektionen has placed in us as a partner for data collection and data management. This once again underlines our expertise in the SupTech sector, helping supervisory authorities to efficiently manage the increasing amount of data collection, complex data formats, analytical needs, and workflows. With Abacus Regulator, financial authorities can focus on their core activities and primary tasks, as our software offers a comprehensive solution with integrated analytical capabilities." said Jürgen Lux, Chief Executive Officer at BearingPoint RegTech.
"We are very pleased that we have gained such a significant customer in Sweden. This is a great success for our SupTech offering. We have been active in the Swedish market for seven years now and have effectively helped local financial institutions to improve the quality of their regulatory reporting. We look forward to a long-term collaboration with Finansinspektionen." said Filip Rydman, country lead Sweden at BearingPoint RegTech.
Abacus Regulator is a flexible, platform-based solution to meet the requirements along the supervisory cycle for regulators. The software provides essential functionalities for central banks and supervisory authorities by collecting, validating, analyzing and disseminating regulatory and statistical reports for both ESA and national data collections. The Abacus Regulator platform, which is the backbone of our solution, bundles all data collection using state-of-the-art big data technologies and thus facilitates workflows and processes.
Abacus Regulator is the result of more than 20 years of experience in regulation and is used by several central banks and supervisory authorities. The solution was introduced to the market in 2014 and has since been further developed to meet relevant requirements and needs expressed by regulators.