Lombard Risk Management plc (Lombard Risk), a leading provider of integrated regulatory reporting, compliance and collateral management solutions for the financial services industry, announces that another 4 major financial services firms have recently selected Lombard Risk REPORTER FINREP module.
The firms include leading retail high street institutions, corporates and investment banks.
As financial institutions face first quarter 2014 reporting demands to meet European Banking Authority (EBA) Common Reporting requirements, FINREP follows close behind. FINREP is a standardised EU-wide framework for reporting financial (accounting) data. It comprises templates for reporting the income statement and the balance sheet, as well as many detailed breakdowns for these. The FINREP framework is mandated by Capital Requirements Regulation Article 99.
REPORTER - regulatory reporting. Fully scalable end to end regulatory reporting solution for the global financial services sector. Lombard Risk REPORTER solution is used by over 200 firms globally, including 50+ for EBA Common Reporting, for requirements in the areas of Credit, Market and Operational Risk, Large Exposures, Leverage and Liquidity risks, and Financial and Statistical Information for Calculation, Analysis and Submission.
REPORTER for FINREP enables firms to:
- Automate end to end regulatory reporting process from data acquisition, standardisation through to calculation, reporting and submission via XBRL
- Select from multiple deployment options that fit around existing architectures and processes that support a rapid deployment and superior solution total cost of ownership relative to other systems
- Leverage existing data sources for complete coverage of reporting requirements
- Achieve enhanced ad-hoc reporting
Robert Markham (Head of Sales, regulatory compliance, EMEA) Lombard Risk says:
“We are delighted to welcome these major financial services firms to our growing FINREP client base. Lombard Risk is seeing an increasing demand in the market for a truly modular solution with comprehensive core coverage and functionality, combined with flexibility in terms of multi-source integration, configurable workflow and analytics. The accelerating growth of Lombard Risk’s regulatory market share once more validates our strong solution roadmap.”