23rd Mar 2016 11:54
LONDON (Alliance News) - Lombard Risk Management PLC, which provides regulatory software to the financial services industry, on Wednesday said Bank of Cyprus UK has chosen its AgileREPORTER product for automated regulatory reporting.
The AgileREPORTER product is designed to help Bank of Cyprus UK as it submits regulatory reports to the Bank of England, the Financial Conduct Authority and the European Banking Authority. AgileREPORTER will provide coverage of all the bank's capital, statistical and liquidity reporting needs for both local and European regulators.
"As complex regulatory requirements continue to evolve, a comprehensive, automated reporting solution is necessary, to simplify and accelerate the reporting process and reduce operational risk. We selected Lombard Risk because their solution meets our needs and they have established expertise in this area," Andrew Michaelides, chief financial officer, Bank of Cyprus UK, said in a statement.
"We're delighted that Bank of Cyprus UK selected Lombard Risk at the end of a competitive process. We look forward to working together to bring agility to the bank's regulatory reporting process through a single, automated solution," Alastair Brown, chief executive officer of Lombard Risk, added.
Shares in Lombard Risk were trading flat at 12.00 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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