In December 2012, the group’s software for consolidation, prudential and regulatory reporting, and reporting of accounting and risk information was being withdrawn by its supplier, who had given only a 12 month grace period for its replacement. The response initially needed to include Germany, then it was to be extended to the Netherlands, Belgium and Austria.
Faced with creating an integrated framework for consumer data consolidation and regulatory reporting in a short timeframe, Santander looked for a partner that could work as an integral part of the Group. The company decided in favor of BearingPoint. The successful deployment of BearingPoint’s ABACUS/DaVinci platform enabled Santander to overcome the challenges it encountered.
This case study demonstrates the performance of BearingPoint’s proven ABACUS/DaVinci platform and provides an example of effective collaboration between BearingPoint and its client struggling to comply with the regulatory reporting obligations.