FERNBACH-Software, a leading provider of compliance solutions for the financial services market, has translated its FlexFinance Basel II software into Arabic. Fernbach is among the first to launch a Basel II compliance solution in the Arabic language.
The Basel II capital accord sets out the internationally binding standards for measuring and controlling risk in banks. The aim of Basel II is to converge external regulatory reporting and internal risk control. Compliance with Basel II is mandatory in the EU, but voluntary compliance is gaining momentum in other countries because trade with European banks requires Basel II compliance.
This trend is particularly visible among Islamic banks which number more than 270 in over 40 countries. The Islamic banking industry has assets worth close to US$300 billion in 2005, with an annual growth rate of over 10% (source: Council for Islamic Bankers). An Arabic solution for Basel II will greatly facilitate not only Islamic banks but all Arabic banks that wish to comply with the Basel II accord.
FlexFinance Basel II enables banks to manage their risk across the enterprise and to comply with the regulatory requirements of all three pillars of Basel II. By providing a centralised data management structure, FERNBACH enables financial institutions to aggregate risk information and create an enterprise-wide view of the bank’s risk profile. This allows daily monitoring so that the bank can proactively identify, assess, report and control the risk at any time. This delivers long-term benefits beyond Basel II compliance including higher credit ratings, lower cost of capital, increased operational efficiency and lower capital requirements. FlexFinance Basel II supports parallel calculations, so that banks can run their Basel II processes in parallel with their old processes for a time to ensure a smooth transition.
“This translation demonstrates Fernbach’s belief in the importance of the Arabic financial services market,” says Günther Fernbach, CEO of FERNBACH-Software. “We are committed to making it as easy as possible for Arabic banks to comply with Basel II using their own language and to achieve risk management benefits beyond compliance. As this release demonstrates, Fernbach’s strategy is to expand into new markets by localising the FlexFinance product line.”
About FERNBACH Software
FERNBACH Software provides enterprise-wide value and risk management solutions to global banks.
The company's FlexFinance product range enables banks to implement proven and robust methodologies to manage all possible risks as well as their potential impact and correlation. Fernbach excels in enabling banks to capitalise upon required investments due to IFRS and Basel II compliance and fully realise extended value throughout the enterprise
With its comprehensive and proven enterprise-risk and value management solution FlexFinance assists all banks to get the maximum return from their Basel II, IFRS, ALM, Liquidity, Non-maturing Products, Regulatory Reporting and Financial Controlling investments.
The company was founded in 1986 by CEO Günther Fernbach and currently has around 150 employees. It is headquartered in Luxembourg with offices in Zurich, Frankfurt, and London; with a global partner network. Its client base includes Commerzbank, Nord LB, UBS, Credit Suisse, Sachsen LB and DaimlerChrysler Bank
More information at www.fernbach.com
For more information please contact:
Prompt Commnunications on behalf of FERNBACH
Tel: 020 8996 1653 /Out of hours: 07780 687813
Head of Group Marketing
FERNBACH - the essence of banking
Tel. +352 40 22 44 05
Mob. +352 091 555 174
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