London, United Kingdom (PressExposure) April 12, 2013 -- Wolters Kluwer Financial Services' automated regulatory reporting solution was selected by MCBN due to its efficient, accurate and manageable reporting processes and its ability to save time, resources and streamline processes. Having already previously selected Wolters Kluwer Financial Services' regulatory reporting solution for Belgium, MCBN committed to expanding the provision in order to meet reporting requirements in the Netherlands as well. As a result of this commitment, MCBN will benefit from Wolters Kluwer Financial Services' industry leading reporting capabilities and expertise.
"With the need for banks to provide ever more data whilst monitoring the data integrity, Mizuho Corporate Bank Nederland NV investigated the market to find an automated solution to cope with these increasing regulatory requirements,"said David Morival, Risk Control Officer at Mizuho Corporate Bank Nederland NV. "Wolters Kluwer Financial Services came out on top due to its highly customizable modules and scalable database. The regulatory reporting solution is fit for the size of our organization and thereby ensures us of the best return on our investment. Bottom line, we believe Wolters Kluwer Financial Services' modular approach is the right answer to MCBN's business needs."
As a result of the implementation, MCBN can benefit from:
Automation, standardization and simplification of reports as a result of less reliance on dependencies across the end to end process;
Strong audit trails of data flows;
Consistency across the different reports presented to the regulators including the Dutch National Bank and the National Bank of Belgium;
In-built validation rules in line with the local regulator validation rules; and
Drill-down function for cells of the returns/reports for detailed data analysis.
"The CoRep requirements are extensive and require firms to submit substantially more data at a more granular level and as result puts extra strain on resources. Wolters Kluwer Financial Services' CoRep application is integrated into the regulatory reporting and easily adaptable to local discretions," said Kris Van Bavel, VP EMEA at Wolters Kluwer Financial Services. "Through our deep domain expertise and the industry knowledge of our experts, we are very well placed to help firms become compliant with the CoRep regulatory reporting requirements in the Netherlands and across wider-Europe, having signed over 260 customers to our CoRep solution. We look forward to continuing to work with MCBN as they look to address their compliance needs across their business."
Wolters Kluwer Financial Services' regulatory reporting solution is part of its integrated risk and finance platform. The solution is applied to 50 countries' individual regulatory requirements covering the full spectrum of reporting types: statutory (balance sheet reports, profit and loss reports), prudential (capital adequacy reports, liquidity reports), statistical (securitization reports, banking statistics) and transactional (MiFID reports, balance of payments reports).
Whether complying with regulatory requirements, addressing a single key risk, or working toward a holistic risk management strategy, more than 15,000 customers worldwide count on Wolters Kluwer Financial Services for a comprehensive and dynamic view of risk management, Liquidity Risk Management [http://www.frsglobal.com/solutions/liquidity-risk.html], liquidity Risk [http://www.frsglobal.com/solutions/liquidity-risk.html] and compliance. Wolters Kluwer Financial Services provides audit, risk, finance and compliance solutions that help financial organizations improve efficiency and effectiveness across their enterprise. With more than 30 offices in 20 countries, the company's prominent brands include: FRSGlobal, FinArch, ARC Logics for Financial Services, Bankers Systems, VMP Mortgage Solutions, AppOne, GainsKeeper, Capital Changes, NILS, AuthenticWeb and Uniform Forms. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2012) 3.6 billion ($4.6 billion) and approximately 19,000 employees worldwide. Please visit our website for more information.
MHCB is a global wholesale bank that serves corporate customers, including large and global corporations. MHCB responds to the sophisticated financial needs of customers by drawing on the group's financial functions and the strengths of its global network to pursue a business model that promotes and combines its commercial and investment banking capabilities. MHCB is part of Mizuho Financial Group (MHFG), an internationally renowned bank with its head-office in Tokyo, Japan and servicing Japanese and international corporate clients around the globe.