Lombard Risk Management plc (LSE: LRM), a leading provider of integrated regulatory compliance, collateral management and reporting solutions for the financial services industry, is pleased to announce that its flagship regulatory reporting solution, AgileREPORTER® for OFSAA (Oracle Financial Services Analytical Applications), has been selected by a Fortune 500 Top 20 US Super-regional Bank to automate its US Federal reporting.
This S&P 500 index bank is one of the USA’s largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services.
By simplifying data acquisition, compilation and computation, AgileREPORTER® for OFSAA is particularly suited to large firms with complex reporting requirements and will enable the Bank to maximise data quality and save time on previously manual reporting processes.
Lombard Risk's solution, coupled with Oracle's OFSAA data model and applications, appeared to be a natural fit to deliver on the bank’s objectives of ‘source once, leverage multiple times’. The bank can have confidence both in AgileREPORTER®’s edit check and reconciliation capabilities and that trusted data is reported. This automated solution will also help make significant time savings on data reconciliation.
AgileREPORTER® improves straight through processing by automation and provides full data lineage to track reported numbers back to source data which is a key requirement for the Basel Committee on Banking Supervision regulation number 239 (BCBS 239). By not having to reformat source data, time and cost is saved and numbers can be easily validated allowing the bank to institute effective risk data aggregation and risk reporting.
Alastair Brown, Lombard Risk’s Chief Executive Officer, Lombard Risk commented: “We are delighted that AgileREPORTER® for OFSAA has been chosen by one of the USA’s leading banking firms. Our regulatory reporting solution will help them make significant improvements to the efficiency and robustness of their reporting processes.”
Cliff Van Tonder, Global Alliances Director, Lombard Risk added: “The fact this well-known bank has chosen this solution is testament to the success of our partnership with Oracle and our combined expertise in automated regulatory reporting. Through close partnership with the bank and Oracle, we are able to deliver a service tailored to their specific needs and we very much look forward to working with them.”
Oracle is licensed to sell AgileREPORTER® for OFSAA and regulatory reporting templates to integrate with its Oracle Financial Services Data Foundation. AgileREPORTER® for OFSAA forms part of the Oracle Regulatory Reporting Solution being offered globally to manage end-to-end reporting to jurisdictional regulators.