Frankfurt / Vaduz, October 25, 2016 – LGT, one of the largest private banking groups in the world, has decided on BearingPoint’s proven RegTech software ABACUS/DaVinci as the group-wide solution for the reporting of financial information according to the ECB regulation on reporting of supervisory financial information (FinRep). The Management and technology consultancy BearingPoint ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech). With BearingPoint’s solution, LGT will submit FinRep reports from March 31, 2017.
With over 2,500 employees in more than 20 locations in Europe, Asia, America and the Middle East, LGT is a leading international private banking and asset management group that has been fully controlled by the Princely House of Liechtenstein for over 80 years.
We decided on ABACUS/DaVinci because the product has a long track record and is a proven solution for reporting according to European regulations. Besides the short implementation time, an important factor for our decision was that ABACUS/DaVinci allows us to shape our standard reporting process in an efficient and audit-proof manner.
Dr. Jürgen Hagmüller, LGT
We are proud that LGT now also uses ABACUS/DaVinci for FinRep and that we succeeded in further expanding our market penetration. This is an important milestone for us and proves that our Abacus platform is state of the art in regulatory reporting.
Jean-Michel Marguerat, Partner at BearingPoint
ABACUS/DaVinci is a market-leading, off-the-shelf strategic risk aggregation and regulatory reporting platform that covers the requirements of EBA (European Banking Authority’), ECB (European Central Bank) and national supervisory authorities. Renowned financial institutions representing more than 800 reporting entities, among them a major part of the most important European banks under supervision of the SSM (Single Supervisory Mechanism), insurers, and financial institutions trust on ABACUS/DaVinci.
ABACUS/DaVinci has been developed over 20 years alongside the introduction of Basel I to III. Benefits of the standard software are comprehensive regulatory reporting functions including XBRL and multi-language support. Moreover, BearingPoint provides a European network of consultants in the area of regulation and centrally implements regulatory changes respectively new requirements in the sense of a regulatory maintenance.
About BearingPoint RegTech
With its RegTech product line, BearingPoint is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services across the entire Regulatory Value Chain for Financial Services.
Customers representing 4,400 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint’s RegTech products and services.
We work closely with regulators and as a member of standardization bodies like XBRL consortium, we actively contribute to the process of standard setting. We combine our regulatory expertise with our proven, reliable and future-oriented product suite and expert consulting capabilities as well as training seminars and managed services.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success.
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