Virgin Money has selected FRSGlobal’s unified risk management and regulatory reporting platform across the enterprise ahead of its UK retail banking launch. FRSGloba is now part of Wolters Kluwer Financial Services.
After a thorough selection process, FRSGlobal’s solution was chosen in order to deliver:
- A unified data centre serving both the risk and regulatory functions.
- The functional breadth and depth offered by the risk and regulatory solutions.
- The flexibility to accommodate the requirements of a rapidly-changing risk and regulatory environment.
The bank has selected FRSGlobal’s risk management platform, RiskPro for ALM (asset and liability management), economic capital, funds transfer pricing (FTP), internal capital adequacy assessment process (ICAAP), liquidity, market and credit risk. Alongside this, Virgin Money has selected RegPro, for its UK regulatory reporting requirements including enhanced liquidity reporting, single customer view automation and Financial Services Authority (FSA) and Bank of England (BoE) returns.
Marian Watson, chief risk officer (CRO) at Virgin Money, said: “Virgin Money will aim to provide a real banking alternative to its customers. A crucial part of that is to make sure we have the most reliable, comprehensive and proven technology behind us. This was especially the case when choosing a risk and regulatory platform, as these are two factors that are at the top of the agenda for us.”
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