The Derbyshire Prepares for Integrated Regulatory Reporting with STB Systems
Derbyshire Building Society and its subsidiary Derbyshire Home Loans Limited have selected STB-Reporter to automate integrated regulatory reporting.
London, UK (PRWEB) February 25, 2005 -- STB Systems, a world leader in regulatory & compliance software, has signed an agreement to implement its regulatory reporting solution, STB-Reporter, at The Derbyshire.
STB Systems, a leading compliance software specialist, is providing enhanced automated reporting to the Financial Services Authority (FSA). The Derbyshire will complete the implementation of STB-Reporter to provide automated reporting to the Financial Services Authority over the next few months.
STB-Reporter automates regulatory reporting to the FSA. For The Derbyshire this will initially be automation of existing Building Society type reports to the FSA. Crucially, this initial phase will also implement the first of the new FSA reports that form a part of their Integrated Regulatory Reporting (IRR) programme. The MLAR return is introduced by the FSA to collect, amongst other things, detailed information on mortgage products, an area now under regulation by the FSA.
By commencing a project with STB now, The Derbyshire is well ahead in the regulation game. With the introduction of Mandatory Electronic Reporting in XBRL format by the FSA and of course IRR, the installation of STB-Reporter ensures that The Derbyshire will be able among the first to report in the new format.
Utilising the data held within STB-SuperConsolidator, STB's data management tool, STB-Reporter will output the mandatory FSA reports with minimal intervention required by The Derbyshire.
A comprehensive set of return and cross-return validation is catered for as is provision to adjust any mismatches. Fully audited outputs are included and all figures may be output electronically for direct dispatch to the FSA.
Michael Thomas, Group CEO, STB Systems, said, "We welcome The Derbyshire to our varied STB-Reporter client list. With STB's guarantee to provide any and all changes or new returns that the FSA may introduce at no additional software costs, STB's solution is the ideal choice for institutions that are faced with the prospect of the FSA IRR programme. As The Derbyshire continue to enhance systems and controls throughout their organisation, the data held within STB-SuperConsolidator may be used for further projects. We look forward to a long & mutually beneficial relationship with The Derbyshire."
About STB Systems
STB is one of the world's leading vendors of automated compliance reporting solutions for the financial markets. Founded in 1984, STB has offices in London, New York, Hong Kong & Singapore.
STB's solutions are designed to automate the critical controls that protect financial institutions, handling internal & external reporting to satisfy the relevant regulatory bodies and assist in compliance with anti money laundering procedures.
The company is one of just six recognised by the Bank of England for electronic reporting output and works closely with many other respected industry bodies. STB's core competence puts them at the forefront of regulatory & compliance technologies, offering best of breed solutions for their customers.
www.stbsystems.com
About Derbyshire Building Society
The Derbyshire is the 11th largest building society in the UK with total assets of over 4bn, around 500,000 customers and 700 employees.
Customers benefit from:
• A choice of 52 branches where staff are trained to help customers get a fairer deal on their finances
• Phone access to services via the Customer Service Centre
• Derbyshire Direct, offering a range of fairer mortgages by phone
• An intermediary support team, providing expert advice for the intermediary market.
• Access to the Link cash machine service throughout the UK
• Insurance and financial planning products through Norwich Union
• An offshore deposit-taking subsidiary - The Derbyshire (Isle of Man) Ltd - serving UK expatriates
For more information please visit www.thederbyshire.co.uk
Media Contact:
Anthony Hauton
STB Systems
India House
45 Curlew Street
London
SE1 2ND
Tel: +44 (0)20 7403 2188
Fax: +44 (0)20 7403 4425
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