Firms select strategic regulatory platform
Lombard Risk Management plc (LSE: LRM) ("Lombard Risk"), a leading provider of integrated collateral management and liquidity, regulatory (including Dodd-Frank and EMIR) and MIS reporting solutions for the financial services industry, is pleased to announce that a further eight financial institutions have recently selected REPORTER as their strategic regulatory solution, driven by the EBA Common Reporting (COREP etc) regulations, to create a single regulatory platform for ALL regulatory calculations, reporting and submission.
Lombard Risk REPORTER is a fully scalable solution designed for regulatory compliance at branch and/or head office level, with global coverage, with detailed supervisory computations including all Basel III capital and liquidity calculations. Streamlined integration to multiple source systems is enabled by its rich ETL functionality, and stress testing and scenario analysis, now part of the regulatory scene, by Lombard Risk’s LISA solution.
The recent contracts, all with UK-based financial institutions, are for the Lombard Risk REPORTER regulatory compliance solution that meets the European Banking Authority’s (“EBA”) Common Reporting requirements. These common reporting requirements include COREP, FINREP (which may not apply to the UK), Large Exposures, Liquidity Coverage, Net Stable Funding and Leverage requirements which impact firms from 1st quarter 2013 and comprises:
- New regulatory calculations: for capital and large exposures
- New reports: a multitude of new templates requiring more detailed information
- New delivery methodology: XBRL
The EBA’s common reporting requirements are due to come into force in January/March 2013, which leaves little time for firms to implement solutions in order to be compliant.
Lombard Risk subject matter experts, the largest permanent UK-based team of any vendor in this space, have been analysing the EBA’s regulations since the release of the CP50/51 (December 2011) and are currently working with existing and new clients to capture the information that is needed to meet the new regulatory calculations, reporting and submission requirements.
James Phillips, Regulatory Strategy Director, Lombard Risk explains: “The precise calculations and report details are not yet finalised by the EBA. However, our experience in dealing with emerging regulation, and close working relationship with the regulators, gives us confidence in the data and calculations that will be required. Lombard Risk calculation engines and reporting templates will meet the final detailed requirements when they are published.”
John Wisbey, CEO, Lombard Risk, added: “We observe that some legacy regulatory vendors and their systems are either being left behind or acquired and inevitably new entrants are coming into the market with opportunistic offerings. However we are seeing a move by financial institutions towards consolidating regulatory reporting requirements with established solution providers with a strong pedigree, proven heritage and a clear roadmap.
The result is that not only are our existing customers continuing to invest in REPORTER but we are migrating new-name business from other vendors as their shortcomings become apparent.”
The work carried out to prepare for the EBA’s common reporting will also help firms meet the January 2013 Basel III deadlines to implement best practices in relation to monitoring, stress tests and integrated management information. Lombard Risk REPORTER solution provides clients with a single, strategic, ‘open’ solution to meet ALL regulatory demands AND creates a unique, central repository of regulatory-ready data from which to create management information, business intelligence and ad-hoc reports as required.