As a relatively new entrant and fast-growing player in the UK banking sector, OneSavings Bank has invested in building a highly efficient compliance operation and approach that is not constrained by some of the legacy systems and processes that other financial services providers have to contend with.

The challenger bank has taken a 10-year licence for AgileREPORTER to enable it to deliver against its regulatory reporting strategy. AgileREPORTER allows OneSavings Bank to gather key management information and analytics around trends, variances for audits and approvals, and enables the bank to track and prove its compliance with all relevant PRA, FCA, BofE and EBA reporting requirements using Lombard Risk’s end-to-end reporting solution.

Cameron Joe, Head of Regulatory Reporting at OneSavings Bank explained: “We looked at a range of different regulatory reporting platforms and Lombard Risk offered the best solution to fully streamline our regulatory reporting and ensure we are on time, regulated, and compliant. As a growing FTSE 250-listed bank we wanted to build a scalable, reliable and technology rich foundation that provides the flexibility to adapt and develop as we grow the business and our product offerings.”

James Phillips, Head of Regulatory Strategy at Lombard Risk said: “We are delighted that OneSavings Bank has chosen Lombard Risk as its partner. We’ve been a RegTech pioneer for a long time, and it’s rewarding to see forward-looking companies such as OneSavings Bank investing in systems and processes already suited for the further evolution of the reporting industry. We look forward to a long and successful partnership, as we continue to deliver the technical excellence and comprehensive regulatory coverage needed to help the bank succeed with the highest level of confidence and control.”