Lombard Risk Management plc (LSE: LRM) ("Lombard Risk"), a leading provider of integrated collateral management and liquidity, regulatory and MIS reporting solutions for the financial services industry, announces Ghana Bank International plc's (GHIB) replacement of its legacy regulatory reporting system with Lombard Risk's Reporterto meet regulatory demands.
GHIB selected REPORTER, Lombard Risk's regulatory compliance solution, to automate the firm's regulatory reporting by interfacing to the bank's Temenos T24 core banking system. The execution of the regulatory calculation pertaining to GHIB's business lines for Capital, Liquidity, Large Exposures and Statistical reporting, has allowed for accurate generation and submission of the reports which meet the FSA, Bank of England and HMRC regulatory requirements.
It was necessary to replace the existing system at GHIB when it became apparent that it could not meet the new demands of the FSA's liquidity regime which came out in 2011. With more regulatory changes imminent, including COREP, FINREP and Basel III, the bank decided to implement a strategic solution now in order to keep in line with the ever-evolving regulatory environment.
Mark Arthur, Senior Manager of Ghana International Bank says "Lombard Risk provided a professional service which ensured that our project objectives were fully met and were delivered on time and to budget. Consequently we have already seen significant return-on-investment. REPORTER is perfectly suited to our technology needs and seen as the strategic regulatory solution by the bank."
Mark Jeffrey, Principal Consultant, Lombard Risk, who led the successful implementation, says "Lombard Risk consultants worked closely with GHIB to achieve mutual objectives and we are delighted that GHIB are receiving the full benefit so soon. As a result of automating their regulatory reporting through REPORTER, the bank's processes have been streamlined which has provided them with significantly enhanced data analysis and sophisticated ad-hoc management reporting."