Reinsurer Swiss Re has installed software to help it comply with increased regulation in the financial services...
The move will help the reinsurer prepare for a raft of new international regulation expected in the wake of the credit crunch.
Swiss Re is implementing Microgen's Accounting Hub to enable it to consolidate data from numerous legacy systems and present it in a standardised way.
Swiss Re operates in 25 countries with different reporting regulations. In the past each business in every country would present data, needed for the company to present its accounts accurately, separately and in different ways.
"Through the Accounting Hub Swiss Re will piece together the data into a single point of control," said David Sherriff, COO at Microgen. "Any increase in regulation will demand investments like this."
Financial services firms normally have time to plan for regulatory change. However Sherriff said he expected new regulations to come in at short notice.
"Firms will need systems that can be quickly customised to help them consolidate data to meet regulations," said David Sherriff.
Prime Minister Gordon Brown, French President Nicolas Sarkozy and German Chancellor Angela Merkel are pressing for global regulation of financial services.
"There could be more regulations set on an international basis and if multinationals anticipate this and integrate legacy systems, it will make it more practical to report in this way," said a spokesman at the Financial Services Authority.
A precedent isBretton Woods system which established the rules for commercial and financial relations among the world's major industrial states in 1944.
Bretton Woods was the first example of international governance of the monetary system. It led to the establishment of the World Bank Group and the International Monetary Fund.