Data collection and regulatory analytics platform ABACUS/Regulator honored as leading-edge technology.
Management and technology consultancy BearingPoint wins the prestigious Central Banking Award 2016 in the category “Technology Provider of the Year.”, the company said in a press release sent on Tuesday.
The judging panel honored BearingPoint for ABACUS/Regulator, a leading-edge data collection and regulatory analytics platform for central banks and supervisory authorities. The award will be officially handed over at the annual Central Banking Awards in London on March 3, 2016. For BearingPoint, a provider of standard regulatory software, it is a further milestone in a recent series of industry accolades for their innovative RegTech products.
Christopher Jeffery, Chairman of the Central Banking Awards Committee and Editor-in-Chief of Central Banking, said: “BearingPoint’s technology is helping central banks to tackle the vast amounts of data being generated by new regulatory and financial stability mandates. Ultimately, this should enable central banks to use data inputs to inform decisions in a more precise and effective manner.”
Dr. Robert Wagner, Global Leader Financial Services at BearingPoint, commented: “At BearingPoint, we take the role of central banks very seriously, as regulators and warrants of financial stability but also as customers of our services and products. Central banks will usually deal with large amounts of data of various kinds. Such data would be coming from the markets, would be collected from supervised entities for statistical, prudential or stability purposes, be provided by information providers or obtained from internal research and analysis. Obviously, dealing with large amounts of data requires the right approach to information strategy, information management capabilities and technology itself. For us, the regulatory value chain spans across what many central banks would address as the market infrastructure. With our Abacus solution, we successfully implement regulatory frameworks working closely with our central banking customers.”
ABACUS/Regulator, a product of BearingPoint’s market-leading Abacus Solution Suite, is an off-the-shelf software package for regulatory data collection and analytics for supervisory authorities and central banks. ABACUS/Regulator supports the reporting frameworks published by the European Banking Authority (EBA), the European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA). Beyond the pan-European reporting frameworks, customized report generation is supported as well. ABACUS/Regulator facilitates efficient management of reporting data along the operational supervisory process – from data input, visualization and validation up to corrections, analysis, export and submission to other stakeholders. ABACUS/Regulator features an embedded high-performance XBRL processor.
About the Abacus Solution Suite
With the Abacus Solution Suite, BearingPoint offers banks, insurers, financial services providers, central banks, and supervisory authorities innovative RegTech solutions along the regulatory value chain. Customers representing 1,800 entities in more than 20 European countries trust on the products of BearingPoint’s Abacus Solution Suite, among them renowned financial institutions, a major part of the 120 most important European Banks under supervision of the SSM, leading insurance companies and supervisory authorities. BearingPoint provides strong experience and a unique product and service offering in the area of regulation, ranging from consulting to managed end-to-end services, from proprietary specialist reporting software to ongoing training.read more