Michael Versace, Research Director â Global Risk, IDC Financial Insights said: âOn one hand, new financial and account regulations around the world, such as Basel III, IFRS and Dodd Frank are coming into cleared focus. On the other hand, regulatory bodies, such as the newly formed EBA and OFR, support global harmonisation of reporting requirements and more frequent reporting. For global institutions with operations in many different countries and multiple products in each region, positioning, compiling and otherwise managing regulatory data, analytics, and reports will be a big challenge. A baseline for meeting emerging requirements is an open architecture and intelligent data model for regulatory reporting. Many institutions will struggle with this transition, particularly those with inflexible and hard coded reporting programs, siloed data repositories or outdated technology platforms.â
Tim Brew, Director, Logica Global Products Business, said: âThere has been a drastic increase in the number, frequency and complexity of reports for all financial institutions. However, regulation should not be viewed only as a burden. Financial institutions can derive real value from their regulatory data, which can be used to improve management decision-making. With over 25 years of experience in this space, we are pleased to bring to market our new solution, IBRA, which will lower compliance costs. IBRA puts financial institutions in control of their regulatory reporting, so they can meet any frequency, configuration or type of report, globally. Our priority is to support our current clients in migration. We will make this as simple, low risk and cost effective as possible. Our aim is to help them adhere to the new pan-European, and ultimately international, regulations.â
The solution will fully integrate with existing business systems, thereby simplifying the whole migration process. IBRA can be implemented as an independent regulatory reporting system, deployed as an ASP or utilised on a SaaS basis.
By using IBRA, financial institutions can shorten their lead times to produce reports and respond more quickly to changes in reporting requirements. The product can be configured by Logicaâs experts, enabling them to produce reporting solutions without constant and significant IT intervention. This reduces IT maintenance costs. IBRA offers transparency, helping to verify the accuracy of results and trace all the processing steps applied. Users can drill-down from a figure on a regulatory report back to the underlying transactional data and vice versa. Financial institutions can therefore be confident that they can handle any queries from the regulatory bodies.
Functionality also includes a fully automated workflow with intelligent exception handling capabilities. The product is highly scalable and can process up to 100 million transactions per day. IBRA can also run multiple versions of a regulatory report within a single installation, allowing financial institutions to easily reproduce historical reports, and to prepare for forthcoming changes in a regulatorâs reporting requirements well in advance of them coming into effect.
Logicaâs regulatory reporting tools are used by more than 650 financial institutions in Europe including Lloydâs Banking Group, Societe Generale, and IKB Deutsche Industriebank. In the UK, Logica was the first company to offer a regulatory reporting solution, in response to the Bank of Englandâs requirements in 1986.