Derbyshire Building Society automates regulatory reporting with STB Systems

Source: STB Systems

STB Systems, a world leader in regulatory & compliance software, has signed an agreement to implement its regulatory reporting solution, STB-Reporter, at The Derbyshire.

STB Systems, a leading compliance software specialist, is providing enhanced automated reporting to the Financial Services Authority (FSA). The Derbyshire will complete the implementation of STB-Reporter to provide automated reporting to the Financial Services Authority over the next few months.

STB-Reporter automates regulatory reporting to the FSA. For The Derbyshire this will initially be automation of existing Building Society type reports to the FSA. Crucially this initial phase will also implement the first of the new FSA reports that form a part of their Integrated Regulatory Reporting (IRR) programme. The MLAR return is introduced by the FSA to collect amongst other things detailed information on mortgage products, an area now under regulation by the FSA.

By commencing a project with STB now, The Derbyshire is well ahead in the regulation game. With the introduction of Mandatory Electronic Reporting in XBRL format by the FSA and of course IRR, the installation of STB-Reporter ensures that The Derbyshire will be able among the first to report in the new format.

Utilising the data held within STB-SuperConsolidator, STB's data management tool, STB-Reporter will output the mandatory FSA reports with minimal intervention required by The Derbyshire.

A comprehensive set of return and cross-return validation is catered for as is provision to adjust any mismatches. Fully audited outputs are included and all figures may be output electronically for direct dispatch to the FSA.

Michael Thomas, Group CEO, STB Systems, said, "We welcome The Derbyshire to our varied STB-Reporter client list. With STB's guarantee to provide any and all changes or new returns that the FSA may introduce at no additional software costs, STB's solution is the ideal choice for institutions that are faced with the prospect of the FSA IRR programme. As The Derbyshire continue to enhance systems and controls throughout their organisation, the data held within STB-SuperConsolidator may be used for further projects. We look forward to a long & mutually beneficial relationship with The Derbyshire."

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