BearingPoint’s RegTech product unit has partnered with tech major IBM to launch a new business process outsourcing offering .
The joint offering will support small and medium-sized financial services businesses, by allowing them to outsource their regulatory reporting processes.
The independent management and technology consultancy operates three units: consulting, solutions and ventures. It solutions provides the tools for successful digital transformation, regulatory technology and advanced analytics according to its website.
Its solutions also include Abacus360 Banking, an integrated platform for 360° reporting, risk calculation and controlling regulatory KPIs, ABACUS/Solvency II, which supports insurance companies in preparation of Solvency II (Pillar 3), and ABACUS/DaVinci, a strategic risk aggregation and regulatory reporting platform, among others.
BearingPoint chief product officer Bodo Windmöller said, “Our partnership with IBM Services and our joint RegTech factory offering responds to fundamental market needs and is another important milestone for our growth strategy.
“Financial institutions are under pressure in two ways – to achieve regulatory compliance and at the same time limit the costs in an increasingly volatile, uncertain and complex environment. Our joint BPO offering with IBM built upon our well-established Abacus platform is tailored to this need.”
In January Raiffeisen Bank International selected BearingPoint’s software solution to meet the MiFID II/MIFIR, EMIR II, MMSR and SFTR reporting requirements.
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