Lombard Risk Management plc (LSE: LRM), a leading provider of integrated collateral management and liquidity, regulatory, transaction and MIS reporting solutions for the financial services industry, held a detailed briefing on “When is COREP?” at British Bankers’ Association.
On Thursday 14th February Lombard Risk held the latest in the series of regulatory business briefings on the topic of EBA Common Reporting: “When is COREP?” The event was attended by well over a hundred of the regulatory community, with guest speakers from Brown Shipley and the BBA, and one delegate remarked: “Of all the vendor/reg consultancy groups I have attended – Lombard Risk’s update is the most accurate/detailed.”
The regulatory update, provided by Director Regulatory Strategy – Lombard Risk, James Phillips, covered:
- The most recent developments of COREP, FINREP and LCR
- Online Statistical Collection Application (OSCA)
- Impact of the cut-over from the FSA to the PRA and FCA
This was followed by an interactive panel session looking at five aspects of getting live with COREP. This was hosted by Robin Bridge, Director Regulatory Compliance, who joined Lombard Risk from Logica in December 2012 (see separate press release). Robin concluded the panel session by reiterating the point made by all the panel members: “There is a very significant amount of reporting change in prospect and the effort required to deal with it successfully should not be underestimated - effort invested now will not be wasted, and importantly provides firms with a valuable opportunity to get ahead of the game.”
Lombard Risk has analysed the draft requirements of EBA Common Reporting ever since CP50 was published in December 2011 – and its consultants have extensive knowledge that can be leveraged in relation to: data gap analysis, data sourcing, determining what mapping or transformation will need to be applied and quality assurance and data cleansing.
Lombard Risk has already provided fully functional releases of REPORTER reflecting the draft requirements and can assist firms in becoming familiar with COREP, supporting firms in preparing test plans, and is well positioned to complete delivery of the finalised requirements in a timely manner during second half of 2013.