Lombard Risk Management plc, a leading provider of integrated regulatory compliance and collateral management solutions for the financial services industry, is pleased to announce that the banking unit of a large UK mutual business group has selected Lombard Risk Reporter as its strategic regulatory reporting solution.
Following a rigorous selection process, the mutual business group chose Lombard Risk Reporter for Bank of England Prudential Regulation Authority (PRA) and European Banking Authority's (EBA) Common Reporting (COREP) regulatory calculation, reporting and electronic transmission/delivery.
Reporter - for global regulatory reporting. Fully scalable regulatory compliance solution for branch or head office, with global coverage. Fully supports key supervisory computations, reporting and electronic delivery, and integrates with LISA for stress testing and ReporterMIS for ad-hoc and management reporting. Straightforward and streamlined integration to multiple source systems, built-in reconciliation, and trends and variance reporting.
Reporter will greatly simplify the group's reporting, is a good fit with the existing infrastructure and will enable the group to meet regulatory demands now and as they develop in the future.
Lombard Risk has one of the largest group of UK, full-time regulatory specialists in the field and provides ongoing regulatory support to ensure reports are maintained in line with regulatory changes, which are ongoing. Right now financial institutions face EBA Common Reporting (COREP), including Financial Reporting (FINREP), as well as the new statistical reporting requirements from the Bank of England Prudential Regulation Authority (PRA) modifications, new returns and online submission.
The group will benefit from Lombard Risk regulatory compliance expertise which, together with Reporter ETL (extract/transform/load), enables Lombard Risk to interface with data source systems rapidly - and ensure most effective data collection, validation and re-use throughout the reporting process, which includes regulatory, ad-hoc and management/business information reporting.
John Wisbey, Chief Executive Officer, Lombard Risk says: "We faced the usual competition during the selection process so we are very proud to be the chosen provider. Our investment in developing a fully integrated reporting solution that meets the challenging regulatory environment now and in the future has clearly put us in a strong position to service the group."