DnB NORD selects FinArch
DnB NORD selects FinArch's Financial Studio for global Basel II compliance.
Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, has announced that Bank DnB NORD, a joint venture between Norwegian DnB NOR and German NORD/LB Norddeutsche Landesbank, has selected Financial Studio as the core platform to answer its capital management and MIS requirements.
The implementation of Financial Studio will embrace the whole DnB NORD organisation in the Baltic region, including Denmark, Estonia, Finland, Latvia, Lithuania and Poland. The project will be executed in subsequent phases to produce meaningful results within a minimum of time.
The major focus in the first phase is to ensure that DnB NORD complies with the Basel II provisions by January 1 2008, following the Standardised Approach. Subsequently the adoption of the more advanced IRB Approach to credit risk is scheduled, as well as the introduction of RAROC functionality and an economic capital model. At the reporting side, COREP reporting is fully covered, while consolidated figures will be reported to the parent company DnB NOR in Norway.
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