Posted on: February 21, 2024
As a leading supplier of regulatory reporting solutions in the UK, Whistlebrook’s focus has always been on empowering financial institutions with robust tools and technologies to navigate an evolving economic and regulatory landscape. Our software products are designed to assist banks in efficiently meeting the ever changing requirements set forth by the UK Regulators, most recently this includes Basel 3.1.
Basel 3.1 is one of the latest challenge facing financial institutions and one that Whistlebrook has been focusing on since the original consultation paper was issued.
Basel 3.1 is now expected to come into force on 1st July 2025, however the industry is still waiting for a final taxonomy to be confirmed. The absence of a confirmed taxonomy presents a challenge for both regulated firms that will be subject to these new regulations but also software suppliers expected to deliver the required changes in their systems well ahead of the implementation date.
Whistlebrook has always taken a collaborative approach with its customers and in preparation for 1st July 2025, Whistlebrook has been engaging with some of its customers in order to lay the necessary foundations for the changes that Basel 3.1 will bring. Regular workshops with a selection of our users is helping to identify any potential data gaps and is a valuable knowledge sharing exercise that is assisting the development of expected requirements for Basel 3.1.
Whistlebrook is confident that the proactive approach being taken to the new framework will put it in good stead to efficiently deliver the required enhancements to its product (WIRES Plus) once the final taxonomy has been confirmed. More importantly, our customers will be able to easily transition to the Basel 3.1 regulatory standard, where applicable.
by Jon Sayer
Business Development Director at Whistlebrook