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, is pleased to announce ComplianceAssessor - a powerful compliance and audit application designed to enable firms to determine, achieve and maintain compliance with all applicable laws and regulations irrespective of jurisdiction.
As a consequence of the financial crisis firms, more than ever, are faced with a plethora of regulations as governments seek to regulate as a means of protecting individual economies. As a result, a considerable amount of management time is spent in trying to keep up with the pace of regulatory change and addressing regulatory demands, whilst having less certainty about the level of enterprise or departmental compliance. Regulatory risk - the risk of non-compliance and the repercussions that may follow - is now a major challenge and of serious concern for institutions. ComplianceASSESSOR addresses this need.
In conjunction with the launch of ComplianceASSESSOR, Lombard Risk is delighted to announce the appointment of David Wilford as director of compliance products. David has over 35 years' experience, primarily in the areas of risk management and regulation, and will head up the dedicated ComplianceASSESSOR team. Over the last 10 years David has been involved in the interpretation and implementation of the Basel II/III Accord as reflected in the EU CRD and subsequently the FSA Prudential Sourcebooks. He has also been advising banks on the adequacy of their risk governance frameworks to address these and other regulatory requirements and implementation issues.
John Wisbey, CEO, Lombard Risk comments: "Our clients look to us for solutions to all their regulatory needs and an increasingly important part of that is to ensure that their firm as a whole is meeting, and/or working towards meeting, all aspects of compliance.
ComplianceASSESSOR has been designed to show senior management how a firm complies and continues to comply with regulations. It addresses the new approach to supervision by providing a means of assessing the state of compliance with all applicable regulations at business unit and regulation level - irrespective of jurisdiction - and addressing deficiencies through appropriate action plans.
More importantly, dashboards and reports enable senior management to identify deficiencies in compliance anywhere within their organisation and take appropriate action, a valuable tool given the regulators' intention to make executives collectively and individually responsible for non-compliance."
David Wilford adds: "With governments seeking to impose further regulations as a means of stabilising and protecting economies, and the regulators taking a more intrusive approach to supervision, it is clear that many compliance and audit functions will come under enormous pressure, possibly to breaking point, without investment in resources and appropriate applications."