IDOM, Inc. is pleased to announce that the Connecticut branch of the Bank of Ireland has purchased and successfully implemented IDOM's REG-Reporter to automate their U.S. regulatory reporting.
Joseph Franzese, CFO of the Stamford, CT Branch of the Bank of Ireland states, "We have been successfully filing our Call, FR2900 and TIC reports to the Fed via REG-Reporter's IESUB with no problems, since December. We could not have had such a successful launch without IDOM's tremendous support throughout the implementation. Since then we have had a few queries from the Fed related to the Call Report and I was able to download the Audit Trial into Excel, cut, paste and sort a few schedules, and submit our answers without any trouble and way ahead of deadlines."
Franzese continues, "The database is powerful and allows us the flexibility to perform other finance and accounting related tasks. Since our host VAX and SAP systems do not post derivative notionals, Loan Commitments or SBLCs to a general ledger, the only place that we have a notional ledger is in REG-Reporter. As long as we perform the daily extract process and clear any existing error conditions, the weekly, monthly and quarterly reporting processes become one of analysis not compilation. Regulatory reporting requires much due diligence and self-auditing to ensure accuracy and integrity, and IDOM allows us the time to perform such tasks. We are very pleased with the product and look forward to building other analytical tools from the database."
The Connecticut branch is part of notable Bank of Ireland which was established in Dublin in 1783 by Royal Charter and today has over 16,000 employees in 8 countries worldwide. They are the largest Irish bank by total assets and the highest rated Irish financial institution listed on the NYSE.
REG-Reporter completely automates the regulatory reporting process, end-to-end, mitigating the risks associated with manual report preparation. It automates compliance with reporting requirements to regulatory authorities and management, and helps ensure the accuracy and integrity of financial reports while increasing the efficiency of reporting. In summary, REG-Reporter combines data from all of a bank's systems into a central data repository, where key information is translated into standardized data. The resulting data is then compiled into required report formats recognized by regulatory agencies such as the Federal Reserve Bank.
"We are thrilled to have a bank of this caliber join our ranks and look forward to a long a successful relationship with the Bank of Ireland," commented Vincent Raniere, IDOM Inc. President and CFO.