Lombard Risk Management plc (LSE: LRM) (“Lombard Risk”), a leading provider of integrated collateral management and liquidity, regulatory and MIS reporting solutions for the financial services industry, is pleased to announce delivery of European Banking Authority (EBA) COmmon REPorting solution, complete with regulatory calculations and reporting templates.
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. Lombard Risk is the market leader in the United Kingdom (with over 40% of the regulatory reporting market), holds a significant market share in many countries in Asia and Europe – plus (outside of simple spreadsheet solutions offered) services more banks in America than any other regulatory reporting vendor.
Lombard Risk has been providing COREP solutions to European firms since 2006. The experience and knowledge gained in doing this has proved to be invaluable in helping us to gain a clearer and earlier understanding of the full implications of the regulator’s definitions and process.
With respect to the EBA COmmon REPorting requirements, COREP, and associated returns, Lombard Risk REPORTER has been released to some customers in August and is already being installed for data analysis and testing. Functionality now being distributed includes all the templates which are in consultation at this time including those for:
- Large Exposures (LE)
- Liquidity Coverage (LC)
- Net Stable Funding (NSF) and
- Leverage Ratio (LR) requirements.
Deployment project work is now focussing on computation in new COREP, from client raw data, with attention concentrating on own funds calculation in Lombard Risk REPORTER under Basel III, and also credit and market risk requirements. Our implementation work started with Lombard Risk’s delivery of a clear brief regarding the data requirements for EBA reporting, and is now therefore moving on to receiving client data into the software, and proving computation results for client acceptance testing. Clearly, Lombard Risk will be updating our market delivery of REPORTER computation and reporting software as EBA reporting rules become finalised. Implementations that are already under way will be significantly simpler to adjust when rules are finalised.
The work carried out to prepare for EBA COmmon REPorting will also help firms meet the January 2013 Basel III deadlines to implement best practices in relation to monitoring, stress tests and MIS. The Lombard Risk REPORTER solution provides clients with a single, strategic, ‘open’ solution to meet ALL regulatory demands AND create a unique, central repository of regulatory-ready data from which to create management information, business intelligence and ad-hoc reports as required.