FiRE started in 1994 with the introduction of Basel I reporting at banks. The first customers were international banks using standard software solutions.
With the increasing complexity and frequency of reports and the more stringent attitude of regulators, the need for automation increased.
Right from the start, we worked with banking packages to develop a standard interface. This allowed banks changing their banking system to implement FiRE without too much effort.
Every year, up to 20 banks joined the community. With the introduction of market risk and Basel II in particular, many more banks adopted FiRE. Reporting in Liechtenstein and the Bahamas was introduced. Also new modules for Basel III, large exposure risk, interest rate risk, country risk and liquidity risk were introduced.
Today, around 230 banks in Switzerland, Liechtenstein and The Bahamas use FiRE, making it the market leader in regulatory reporting.
FiRE uses the reporting software Report Generator and MS SQL Server as a database. A standard interface called RT1 delivers balance sheet, off-balance sheet, customer securities and an income statement to FiRE. This information is captured monthly to produce around 200 reports to the Swiss National Bank and the FINMA.
We are consistently analyzing regulatory changes and publishing the resulting requirements. Banks or the software companies managing banking systems have then to adapt the interface. As little as possible is changed in order to keep costs to a minimum and to allow the reuse of data for different reports. Also, the same consistent data is used in all reports. This is one of the main advantages of FiRE.
FiRE covers the following reports for Switzerland:
Additionally, FiRE covers the following reports for Liechtenstein:
And for The Bahamas, FiRE covers:
FiRE is a tried and tested solution installed and successfully used for reporting by approximately 230 banks in Switzerland, Liechtenstein and The Bahamas. It is currently available in more than 26 countries and used by over 700 banks worldwide.
With FiRE, as well as reporting to the authorities you can also produce individual statistics for internal reports.
To help improve ease and efficiency, FiRE uses data from your back-office system to perform the necessary calculations, such as risk weighting.
Implementation and maintenance is also made easier as the main banking software vendors provide standardized interfaces for FiRE.
Through FiRE and our regular updates you can benefit from our experience with the regulatory authorities.
We have designed FiRE to be very easy to use as well as highly effective. To this end, features include:
At BearingPoint we are client-focused and independent of any technology suppliers and products. We always put our client’s interests first and ensure we provide the best technology solutions in the marketplace, drawing on a strong alliance program that allows us to work with some of the leading technology companies.
We focus on developing joint solutions, training and integration strategies that support your success.
As a result you can benefit from: