BearingPoint’s Regulatory Compliance Unit Teams Up With IBM
IT and management consultancy BearingPoint’s RegTech product unit has formed a partnership with IBM Services. Through the partnership, the two companies will offer regulatory reporting solutions to small and medium-sized companies, who struggle with increasing regulatory requirements. A BearingPoint press release mentions regulations such as Basel III, MiFID II/MiFIR, EMIR II, Solvency II, AnaCredit and MREL, new data models and challenging timelines for regulatory requirements.
Covering both business processes and technical operation development and maintenance, the joint offering will allow financial firms to fully outsource their regulatory reporting.
“We see growing demand for business process outsourcing services in the market as smaller institutions find it increasingly difficult to keep pace with regulatory requirements in terms of workload, financial and risk aspects,” said Jean-Henrik Zitterbart, Industry Leader Banking & Financial Markets DACH, IBM. “This is one of the reasons why we strengthened our team a year ago with an operational reporting specialist team and have already taken over the technical reporting for several clients. Our joint offering with BearingPoint is based on a standardized solution and processes that enable economies of scale.