London, UK (PRWEB UK) 26 July 2012
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.
The recent contracts, all with UK-based financial institutions, are for the Lombard Risk REPORTER regulatory compliance solution that meets the European Banking Authority’s (“EBA”) Common Reporting requirements. These common reporting requirements include COREP, FINREP (which may not apply to the UK), Large Exposures, Liquidity Coverage, Net Stable Funding and Leverage requirements which impact firms from 1st quarter 2013 and comprises:
- New regulatory calculations: for capital and large exposures
- New reports: a multitude of new templates requiring more detailed information
- New delivery methodology: XBRL
The EBA’s common reporting requirements are due to come into force in January/March 2013, which leaves little time for firms to implement solutions in order to be compliant.
Lombard Risk subject matter experts, the largest permanent UK-based team of any vendor in this space, have been analysing the EBA’s regulations since the release of the CP50/51 (December 2011) and are currently working with existing and new clients to capture the information that is needed to meet the new regulatory calculations, reporting and submission requirements.
James Phillips, Regulatory Strategy Director, Lombard Risk explains: “The precise calculations and report details are not yet finalised by the EBA. However, our experience in dealing with emerging regulation, and close working relationship with the regulators, gives us confidence in the data and calculations that will be required. Lombard Risk calculation engines and reporting templates will meet the final detailed requirements when they are published.”
John Wisbey, CEO, Lombard Risk, added: “We observe that some legacy regulatory vendors and their systems are either being left behind or acquired and inevitably new entrants are coming into the market with opportunistic offerings. However we are seeing a move by financial institutions towards consolidating regulatory reporting requirements with established solution providers with a strong pedigree, proven heritage and a clear roadmap.
The result is that not only are our existing customers continuing to invest in REPORTER but we are migrating new-name business from other vendors as their shortcomings become apparent.”
The work carried out to prepare for the EBA’s common reporting will also help firms meet the January 2013 Basel III deadlines to implement best practices in relation to monitoring, stress tests and integrated management information. Lombard Risk REPORTER solution provides clients with a single, strategic, ‘open’ solution to meet ALL regulatory demands AND creates a unique, central repository of regulatory-ready data from which to create management information, business intelligence and ad-hoc reports as required.
About Lombard Risk
Lombard Risk enables firms in the financial industry significantly to improve their approach to managing the risk in their businesses. Founded in 1989 and headquartered in London, Lombard Risk has offices in Cape Town, Hong Kong, Luxemburg, Mumbai, New York and New Jersey, Shanghai, Singapore and Tokyo. Our clients include banking businesses - 30 of the world's "Top 50" financial institutions - almost half of the banks operating in the UK, as well as investment firms, asset managers, hedge funds, fund administrators and large corporations worldwide.
The Lombard Risk solution suite is developed and supported by an extensive team of risk and financial experts and includes:
COLLINE® - collateral management and clearing. A state-of-the-art, web-based solution designed by experienced business practioners for end-to-end, cross-product (OTC derivatives, Repos and Securities Lending) collateral management. It provides a consolidated solution for mitigating credit risk while satisfying the growing demand for multiple global entities, cross-product margining, Central Counterparty Clearing (CCP), optimisation, master netting, MIS reporting and electronic messaging.
REPORTER - global regulatory reporting. A fully scalable solution for regulatory compliance at branch and/or head office level with global coverage. Fully supports key supervisory computations and integrates with LISA for stress testing and scenario analysis – now part of the regulatory scene. Powerful and streamlined integration to multiple source systems enabled by the ETL functionality. Lombard Risk’s REPORTER solution is the regulatory reporting market leader in the United Kingdom, supporting 130 out of 360 banks as clients. REPORTER also holds a significant market share in many countries in Asia and Europe.
REG-Reporter® - U.S. and Canadian regulatory reporting. A regulatory solution addressing financial reporting requirements by automating compliance with the mandated reports to all U.S. regulatory agencies and the Office for the Superintendent of Financial Institutions Canada (OSFI). Outside of simple spreadsheet solutions offered, there is no other vendor in America that services as many financial institutions as Lombard Risk does with REG-Reporter.
LISA® - scenario analysis and stress testing. LISA satisfies the latest liquidity risk management requirements and supports growing regulatory demands for timely and reliable information. Currently in use at many financial institutions in UK to meet FSA’s 2010 liquidity regime.
MIS Reporting - a flexible and easy-to-use module for reporting across the Lombard Risk product range AND with external sources. Provides valuable business intelligence by combining risk and regulatory information in reports or on-screen dashboards, enabling well-informed business decisions to be made with confidence.
REFORM – real-time transaction monitoring and reporting - appropriate for Dodd-Frank Title VII/EMIR and similar regulations.
The Lombard Risk software solution suite also includes OBERON® trade capture and valuation and FIRMAMENT® credit and equity valuation.