The new ORIMS solution will allow the Central Bank to better leverage information and gain greater insight, important to fulfilling its mandate as the country’s financial regulator.
Ottawa, Canada (PRWEB) May 21, 2015
Today, Vizor Ltd. announced that the Central Bank of The Bahamas went live recently with its Online Reporting and Information Management System (ORIMS). The new financial regulatory technology, strategically implemented by Vizor, will provide comprehensive business intelligence to the Central Bank as well as significantly improve data collection, validation, storage, and reporting.
All Central Bank licensees are now required to file regulatory returns in the new ORIMS solution, which supports the complete return lifecycle and provides comprehensive corporate profiles for all regulated entities.
“The new ORIMS solution will allow the Central Bank to better leverage information and gain greater insight, important to fulfilling its mandate as the country’s financial regulator” remarked Mr. Errol Bodie, Manager of Information Technology, Central Bank of The Bahamas, “This solution was strategic for the Bank as it will expand our data analytics and business intelligence capability, improve existing business processes and reduce operational cost relative to data capture, storage, retention and reporting“.
“The launch of ORIMS is our third project to go live in the Caribbean this spring” remarked Conor Crowley, Managing Director of Vizor Software, “in April we completed projects with the Cayman Islands Tax Information Authority and the British Virgin Islands Government. This has become a very important region for Vizor.”
With the completion of the ORIMS system, Vizor is now working with The Securities Commission of The Bahamas (SCB) and the Insurance Commission of The Bahamas (ICB), to simplify and strengthen their regulation reporting systems, as well.
About the Central Bank of The Bahamas
The Central Bank of The Bahamas was established on 1st June 1974, to carry out the traditional roles of issuer of legal tender, banker to both domestic banks and the Government, while also regulating and supervising the banking sector and administering exchange controls.
You can learn more about The Central Bank of The Bahamas on their website http://www.centralbankbahamas.com
Vizor Software has been the standard for financial regulatory technology since 2000. Leading the way in regulatory supervision software, Vizor is trusted by Central Banks and Financial Regulators from around the globe for the collection and validation of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 20 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems. You can learn more and visit Vizor at http://www.vizorsoftware.com or by following Vizor on Twitter, LinkedIn, Google+ and Pinterest.