Canadian Imperial Bank of Commerce (CIBC) has chosen FRSGlobal’s liquidity solution. FRSGlobal says that the combination of 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 UK’s Financial Services Authority’s (FSA’s) requirements.
On 5 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.
FRSGlobal’s solution has been developed in conjunction with a peer group of financial institutions and includes 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.
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