Lombard Risk Management plc (Lombard Risk), a leading provider of integrated regulatory reporting, compliance and collateral management solutions for the financial services industry, is pleased to announce that SCOBAN PLC has selected Lombard Risk REPORTER as its fully automated, end-to-end regulatory solution for Bank of England, Financial Conduct Authority (FCA) and European Banking Authority (EBA) reporting.
SCOBAN PLC plans to open its doors in summer 2014 as a new private bank, headed up by Ray Entwistle, Executive Chairman, formerly chairman of Adam & Co and Graeme Hartop, Managing Director, with its head office in Charlotte Square, Edinburgh and an operation in St James area in London. For more information on SCOBAN visit their website: www.scobanplc.com
SCOBAN will be the first new start up bank to receive a licence offering full, traditional, banking services under the mobilisation process which was put in place in April last year following the restructuring which took place by the regulatory bodies, when the Financial Services Authority became the Financial Conduct Authority and the Prudential Regulation Authority. The PRA have confirmed that they are ready to grant SCOBAN its Banking Licence subject to certain minimum capital requirement.
Andrew Mulligan, Finance Executive Director, SCOBAN, says:
"Regulatory reporting it a critical business function to the bank and we selected Lombard Risk based on their proven track record in this market, as well as their experience with new start up banking operations. We look forward to building our partnership with Lombard Risk over the coming years."
Robert Markham, Head of Sales, Regulatory Compliance, EMEA at Lombard Risk says: "We are very proud to have been selected by SCOBAN and are delighted to welcome them to our client community. By deploying Lombard Risk REPORTER, SCOBAN will address an array of regulatory reporting issues and benefit from a truly integrated end-to-end solution that fully addresses the complexity of the current environment as well as providing the scalability to meet future requirements as they evolve over time."
Lombard Risk REPORTER is an end-to-end regulatory reporting solution for the global financial services sector. Lombard Risk REPORTER solution is used by over 200 firms globally, including 55+ 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.