Management and technology consultancy BearingPoint has formed a new partnership with IBM Services to support banks with regulatory reporting.
Under the collaboration, BearingPoint’s RegTech product unit and IBM will assist small and medium-sized financial institutions with regulatory requirements and compliance.
Regulatory reporting support: Benefits
The alliance aims to support those companies which struggle with tight timelines and increasing regulations including AnaCredit, MREL and new data models.
BearingPoint RegTech chief product officer Bodo Windmöller said: “Our partnership with IBM Services and our joint RegTech factory offering responds to fundamental market needs and is another important milestone for our growth strategy.
“Financial institutions are under pressure in two ways – to achieve regulatory compliance and at the same time limit the costs in an increasingly volatile, uncertain and complex environment.
“Our joint BPO offering with IBM built upon our well-established Abacus platform is tailored to this need.”
The offering will also benefit the financial institutions. They will be able to outsource their regulatory reporting processes enabling them to focus on their offerings.
IBM industry leader banking & financial markets DACH Jean-Henrik Zitterbart said: “We see growing demand for business process outsourcing services in the market as smaller institutions find it increasingly difficult to keep pace with regulatory requirements in terms of workload, financial and risk aspects.
“This is one of the reasons why we strengthened our team a year ago with an operational reporting specialist team and have already taken over the technical reporting for several clients.’
Currently, BearingPoint’s Abacus platform is used by around 2,700 banks and insurers across 20 European countries.