Mizuho Corporate Bank Nederland NV Selects Wolters Kluwer Financial Services' Regulatory Reporting Solution for Netherlands
Mizuho Corporate Bank Nederland NV Selects Wolters Kluwer Financial
Services' Regulatory Reporting Solution for Netherlands CoRep Reporting
Solution Allows Dutch Subsidiary of the Second Largest Japanese Financial
Services Firm to automate CoRep Reporting
Business Wire
BRUSSELS -- April 9, 2013
Wolters Kluwer Financial Services announced today that the Mizuho Corporate
Bank Nederland NV (MCBN), a wholly-owned Dutch subsidiary within the Mizuho
Financial Group (MHFG), has selected its regulatory reporting solution in
order to comply with the prudential reporting requirements in the Netherlands
and in Belgium. Utilizing the Wolters Kluwer Financial Services regulatory
reporting solution, MCBN will be able to calculate and submit the CoRep
reports in compliance with the requirements outlined by the Basel Committee
for Banking Supervision.
Wolters Kluwer Financial Services’ automated regulatory reporting solution was
selected by MCBN due to its efficient, accurate and manageable reporting
processes and its ability to save time, resources and streamline processes.
Having already previously selected Wolters Kluwer Financial Services’
regulatory reporting solution for Belgium, MCBN committed to expanding the
provision in order to meet reporting requirements in the Netherlands as well.
As a result of this commitment, MCBN will benefit from Wolters Kluwer
Financial Services’ industry leading reporting capabilities and expertise.
“With the need for banks to provide ever more data whilst monitoring the data
integrity, Mizuho Corporate Bank Nederland NV investigated the market to find
an automated solution to cope with these increasing regulatory requirements,”
said David Morival, Risk Control Officer at Mizuho Corporate Bank Nederland
NV. “Wolters Kluwer Financial Services came out on top due to its highly
customizable modules and scalable database. The regulatory reporting solution
is fit for the size of our organization and thereby ensures us of the best
return on our investment. Bottom line, we believe Wolters Kluwer Financial
Services’ modular approach is the right answer to MCBN's business needs.”
As a result of the implementation, MCBN can benefit from:
* Automation, standardization and simplification of reports as a result of
less reliance on dependencies across the end to end process;
* Strong audit trails of data flows;
* Consistency across the different reports presented to the regulators
including the Dutch National Bank and the National Bank of Belgium;
* In-built validation rules in line with the local regulator validation
rules; and
* Drill-down function for cells of the returns/reports for detailed data
analysis.
“The CoRep requirements are extensive and require firms to submit
substantially more data at a more granular level and as result puts extra
strain on resources. Wolters Kluwer Financial Services’ CoRep application is
integrated into the regulatory reporting and easily adaptable to local
discretions,” said Kris Van Bavel, VP EMEA at Wolters Kluwer Financial
Services. “Through our deep domain expertise and the industry knowledge of our
experts, we are very well placed to help firms become compliant with the CoRep
regulatory reporting requirements in the Netherlands and across wider-Europe,
having signed over 260 customers to our CoRep solution. We look forward to
continuing to work with MCBN as they look to address their compliance needs
across their business.”
Wolters Kluwer Financial Services’ regulatory reporting solution is part of
its integrated risk and finance platform. The solution is applied to 50
countries’ individual regulatory requirements covering the full spectrum of
reporting types: statutory (balance sheet reports, profit and loss reports),
prudential (capital adequacy reports, liquidity reports), statistical
(securitization reports, banking statistics) and transactional (MiFID reports,
balance of payments reports).
About Wolters Kluwer Financial Services
Whether complying with regulatory requirements, addressing a single key risk,
or working toward a holistic risk management strategy, more than 15,000
customers worldwide count on Wolters Kluwer Financial Services for a
comprehensive and dynamic view of risk management and compliance. Wolters
Kluwer Financial Services provides audit, risk, finance and compliance
solutions that help financial organizations improve efficiency and
effectiveness across their enterprise. With more than 30 offices in 20
countries, the company’s prominent brands include: FRSGlobal, FinArch, ARC
Logics for Financial Services, Bankers Systems, VMP® Mortgage Solutions,
AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform
Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading
global information services and solutions provider with annual revenues of
(2011) €3.6 billion ($4.6 billion) and approximately 19,000 employees
worldwide. Please visit our website for more information.
About Mizuho Corporate Bank Nederland NV
MCBN was established in 1974 and is a fully-owned subsidiary of Mizuho
Corporate Bank Ltd. (MHCB). MCBN has one branch in Brussels (Belgium) and one
Representative Office in Madrid (Spain).
MHCB is a global wholesale bank that serves corporate customers, including
large and global corporations. MHCB responds to the sophisticated financial
needs of customers by drawing on the group's financial functions and the
strengths of its global network to pursue a business model that promotes and
combines its commercial and investment banking capabilities. MHCB is part of
Mizuho Financial Group (MHFG), an internationally renowned bank with its
head-office in Tokyo, Japan and servicing Japanese and international corporate
clients around the globe.
The group has approximately 57,000 staff working in approximately 980 offices
worldwide, and total assets of over 1.9 trillion USD (as of March 2011).
Contact:
Wolters Kluwer Financial Services
Jennifer Marso, +1 612-852-7912
Vice President, Corporate Marketing & Communications
Jennifer.marso@wolterskluwer.com
On Twitter: @JenniferMarso
or
Lauren Dearmer, +44 207 539 6525
Corporate Communications Manager
Lauren.dearmer@wolterskluwer.com
On Twitter: @wolterskluwerfs.com