Leading UK Building Society Selects Lombard Risk Reporter To Meet Regulatory Obligations
Posted: 11 January 2013 | Source: Lombard Risk
Lombard Risk Management plc, a leading provider of integrated collateral management and liquidity, regulatory and MIS reporting solutions for the financial services industry, is pleased to announce that one of the UK’s leading building societies has selected Lombard Risk REPORTER to create a consolidated regulatory and MIS reporting solution.
Lombard Risk’s REPORTER is a fully scalable regulatory compliance solution widely used by building societies and banks throughout the UK. The system keeps pace with regulatory requirements, automating end-to-end from data collection to electronic output, so providing the ideal solution for all automated regulatory reporting requirements.
John Wisbey, Chief Executive Officer, Lombard Risk says: “We are delighted to welcome this important building society to our extensive client community. Selection of Lombard Risk by this building society underlines our position as the ‘vendor-of-choice’ in this sector. We have both the software and the experience to automate regulatory reporting for major building societies – this includes computation and reporting for retail, mortgage and treasury operations, and covers any aspect of the FSA’s and Bank of England’s requirements, ranging from statistical reporting to the liquidity regime and also mortgage reporting.”
After a thorough selection process the building society, one of the largest in the UK, identified Lombard Risk as:
- Specialists in the regulatory environment with proven experience of delivering to high volume retail firms
- Offering a “tried & tested” system with a significant and satisfied user base – and
- Providing a reliable multi-discipline solution for regulatory calculation, reporting (including MIS) and electronic submission.
Building societies are regulated by the Financial Services Authority (FSA), under the Financial Services and Markets Act 2000. The role of the regulator is to ensure societies are run in a safe and prudent manner. The Lombard Risk REPORTER solution was selected by the building society to enhance all of their existing and new reporting processes – including the new EBA Common Reporting COREP regulations, including Large Exposures, Liquidity Coverage and Net Stable Funding, as well as existing FSA and Bank of England reporting.
The society also recognised the value of the regulatory update service provided by Lombard Risk, which ensures that REPORTER is maintained to meet the latest regulatory requirements now and as they arise, keeping the firm compliant. This service is provided by the team of regulatory business matter experts at Lombard Risk and included in the license agreement.
Robert Markham, Head of Sales, Regulatory Compliance – EMEA, Lombard Risk commented: “Rapid implementation and supporting client referenceability are key selection criteria to successful financial services institutions and once more we are delighted to be selected ahead of other providers in this space.”