Coventry Building Society, the third largest building society in the UK, has chosen the partnership of Spring Programs Limited and Whistlebrook to provide them with a complete Bank of England and FSA regulatory reporting solution.
The highly experienced consultants from both companies have been working together on the project with Coventry's own technical and financial staff.
Whistlebrook, who specialise in providing integrated financial solutions for building societies, have provided their ALFI business intelligence solution which will act as a central point for all regulatory reporting data. This data will then be imported into the correct Bank of England forms and FSA data items in the SPRiNG reporting software before being transmitted. The SPRiNG solution is also able to produce the FSA LRP regulatory report, which is to be used until the new liquidity regime is in place.
Charles Bosson, Risk Analyst for Coventry Building Society, commented "Our LRP liquidity report has been produced efficiently and with the minimum of fuss by SPRiNG. It really is a very good and useful system".
Andy Hudders, the Whistlebrook Sales Director, has been very pleased with the success of the ALFI/SPRiNG project, stating "It really helps with the regulatory reporting workload. ALFI automates the collection and storage of the required regulatory reporting information, which is then electronically fed into SPRiNG for validation and onward transmission to the FSA"
Spring Programs' Director, Sharon Cormican, said, "We are extremely pleased that Coventry Building Society has chosen SPRiNG as part of their total regulatory reporting solution. As the only specialist independent company in the UK, we have the regulatory reporting expertise to ensure that our customers meet their FSA reporting requirements on schedule."