Lombard Risk Management plc (LSE: LRM) ("Lombard Risk"), a leading provider of integrated collateral management, liquidity and regulatory reporting solutions for the financial services industry, presented its COREP/Basel III solution using its new web-based version of regulatory compliance software suite.
On Wednesday 22nd June Lombard Risk presented a new web-based version of its regulatory compliance software using a working example of the forthcoming December 2012 European Banking Authority’s COmmon REPorting (COREP being the first obvious reporting manifestation of Basel III) at the British Bankers’ Association in London.
Lombard Risk’s new web-based regulatory compliance solution provides regulatory reporting, stress testing and scenario analysis, management / business information and collateral management on a fast, flexible and fully-integrated web platform. The new solution has been developed in direct response to the increasing and changing demands of global regulators for transparency and insight into firms’ operations at a detailed level - and will enable firms to meet these requirements with confidence.
John Wisbey, CEO, Lombard Risk says: “The absolute key to modern regulatory reporting is to have the ability to react very quickly to regulatory change and to be able to deal with ad-hoc reporting requests whether from regulators or from senior management.
Our new, web-based solution suite deals with all these challenges as well as having the best user interface in the industry, excellent workflow, multi-level authorisation, and multi-language capability, all based on our tried and tested core engine and ETL tool which is used by more than 200 financial institutions around the world.”
Nick Davies, CTO, Lombard Risk says: “Financial institutions leveraging our customisable workflow enabled solution will be more effective and efficient. Firms can immediately move from a reactive operational model to a proactive one with RAG status traffic light indicators representing regulatory processing Key Performance/Risk Indicators (KPIs/KRIs). This provides a higher return on investment (ROI) with improved data quality and reduced regulatory submission risk.
Using Lombard Risk’s flexible data extract and data management tools and the philosophy of “extract once, cleanse once, use many”, with a fully integrated web-based dashboard and reporting facility, further benefits are immediately available. Lombard Risk generates on-demand business intelligence data for operational and strategic purposes that supports timely decision making and makes use of exactly the same data that is used for regulatory submissions, therefore reducing reconciliation effort and risk.”
The new Lombard Risk regulatory compliance solution suite comprises:
- Extremely efficient and flexible ETL functionality to integrate easily with multiple source systems
- Powerful business rules to validate data and create an accurate and clean repository of data for use and re-use
- Extensive regulatory compliance environment with monitoring, event-based workflow processing, automated reporting and submission
- Stress testing and scenario analysis, to meet liquidity and capital measurement requirements for example
- The ability to create ad-hoc management reports (and variations on mandatory regulatory reports) from the Lombard Risk data repository AND external sources
- Easy to use dash boarding capabilities
- Collateral management, now a key element of regulatory focus.
Lombard Risk’s regulatory reporting web functionality adds to, and expands upon, the existing Lombard Risk regulatory installation. Rebecca Bond, Group Marketing Director explains: “We’re not asking our users to ‘throw the baby out with the bathwater’. All the investment that existing clients have made to date is safe because no existing installation or configuration needs to change. Simply, the new functionality delivers a web user experience for everything ranging from a user-defined validation to detailed workflow around the loading of data or the release of a return to the regulator.”