Lombard Risk’s Reporter welcomes eight
24 July 2012 London
Image: Shutterstock
Eight financial institutions have recently selected Reporter—Lombard Risk Management’s regulatory solution—in response to new European reporting regulations.
Common reporting (COREP) describes the reporting requirements of the harmonised European Capital Requirements Directive. The European Banking Authority (EBA) will mandate COREP as a standardised reporting framework from 31 December 2012.
Reporter’s new users are all UK-based financial institutions. Under COREP, they will have to run new regulatory calculations for capital and large exposures, produce new reports in new formats that require more detailed information and use a new delivery methodology in XBRL (extensible business reporting language).
Lombard Risk’s Reporter is a “fully scalable solution” that is designed for regulatory compliance at branch and/or head office level.
It has global coverage and offers “detailed supervisory computations”, including all Basel III capital and liquidity calculations, according to Lombard Risk.
“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 new common reporting requirements are due to come into force in early 2013.
James Phillips, regulatory strategy director at Lombard Risk, said: “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, the CEO of 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."
Common reporting (COREP) describes the reporting requirements of the harmonised European Capital Requirements Directive. The European Banking Authority (EBA) will mandate COREP as a standardised reporting framework from 31 December 2012.
Reporter’s new users are all UK-based financial institutions. Under COREP, they will have to run new regulatory calculations for capital and large exposures, produce new reports in new formats that require more detailed information and use a new delivery methodology in XBRL (extensible business reporting language).
Lombard Risk’s Reporter is a “fully scalable solution” that is designed for regulatory compliance at branch and/or head office level.
It has global coverage and offers “detailed supervisory computations”, including all Basel III capital and liquidity calculations, according to Lombard Risk.
“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 new common reporting requirements are due to come into force in early 2013.
James Phillips, regulatory strategy director at Lombard Risk, said: “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, the CEO of 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."
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