FRSGlobal, the only global provider of risk and regulatory reporting solutions with coverage for over 40 countries on a unified platform, today announced that Canadian bank; Canadian Imperial Bank of Commerce (CIBC) has chosen FRSGlobal's liquidity solution.
The combination of FRSGlobal's stress testing and regulatory reporting will enable the firm to monitor, manage and report liquidity as well as build and develop a library of stress tests in accordance with the FSA's requirements.
On 5th October 2009, the FSA released its final liquidity paper PS 09/16 'Strengthening Liquidity Standards' . The paper sets out rules outlining how firms should establish a robust liquidity risk management framework (i.e. strategy, policy and practices) that ensures sufficient liquidity including the maintenance of a cushion of unencumbered, high quality liquid assets in order to withstand stress events.
Mark Piper, VP UK, Ireland and MEA, said: "The final liquidity paper is now out which states that the FSA expects every firm to start reporting according to the timescales set out, without exception. We have seen a steady increase in the adoption of our liquidity risk solution as the industry realises the far-reaching requirements of the regime, which truly is a testament to the strength behind our offering. We welcome the addition of CIBC to our growing liquidity risk client base."
FRSGlobal's solution has been developed in conjunction with a peer group of financial institutions and was ranked joint first for 'Completeness of Offering in the ALM and Liquidity Marketplace' in Chartis market analysis report - as it provides its customers with solutions for all aspects of the new liquidity regime including:
• Regulatory Reporting - there will be seven new regulatory reports/data items for liquidity risk
• Stress Testing - firms will need to be able to conduct regular stress tests in order to identify sources of potential liquidity strain
• Data Management - firms will need to be able to source additional data for reporting requirements
• Management Reporting - firms will be required to have a robust management framework in place
• Set of standard scenario templates - provided as part of the Liquidity Risk Engine and Stress Testing
Mark Piper, VP UK, Ireland and MEA, continued: "As an existing customer of FRSGlobal, CIBC was aware of the high calibre technology and level of service they would receive if they were to select our liquidity risk solution. However, as the FSA's guidelines are so comprehensive and unyielding, understandably they still had to do their due diligence and look at other products on offer in the market before making a decision."