Aruba Bank is implementing GREENLIGHT to optimize its reporting process, ensuring compliance with the upcoming deadline for Basel II - pillar 1 requirements set forth by the new chart of account of the Central Bank.
Dutch Caribbean banks have until the beginning of 2016 to implement new risk management techniques and reporting principles agreed by global regulators.
The Banking Risk & Compliance experts at IBIS Management Associates Inc. have been supporting major European and Regional banks such as Aruba bank in becoming Basel II complaint. With the introduction of the GREENLIGHT reporting solution, which is based on a standard data model covering all Basel requirements for regional and International banking operations, Aruba bank is now able to tackle issues commonly faced when preparing periodical reports for regulators.
GREENLIGHT, developed by IBIS Management Associates Inc., maps various data sources to a comprehensive data model, enabling the automation of financial institutions’ complete regulatory reporting process. In addition, the solution will enable Aruba Bank to benefit from:Rule driven data allocation methodology which ensures accuracy and consistencyStandard regulatory updates and help desk support servicesFast, accurate and reliable insight to key performance indicators Local domain expertise with in depth subject knowledge and connections to regulators90% reduction of all regulatory report preparation time suds
"The Banking Compliance and Risk Management Services division of IBIS Management has been working hard with Aruba Bank to prepare for the new upcoming regulatory reporting requirements. This also provided the Bank with clear insights on the benefits of GREENLIGHT. We are excited to also help Aruba Bank eliminate their manual reporting burdens and save them countless hours of preparation.” said Clark Russel, CEO of IBIS Management Associates Inc.