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Four contract wins

10th Apr 2012 09:15

RNS Number : 0048B
Lombard Risk Management PLC
10 April 2012
 



 

 

PRESS RELEASE

Four EBA Common Reporting contract wins in Marchfor Lombard Risk REPORTERregulatory compliance software

LONDON, UK - 10th April 2012: Lombard RiskManagement plc (LSE: LRM) ("Lombard Risk"), a leading provider of integrated collateral management and liquidity, regulatory (including Dodd-Frank Swap) and MIS reporting solutions for the financial services industry, is pleased to announce that it has signed four contracts in March for its REPORTER regulatory compliance solution.

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. Lombard Risk is the market leader in the United Kingdom (with nearly 40% of the market), holds a significant market share in many countries in Asia and Europe - plus (outside of simple spreadsheet solutions offered) services more financial institutions in America than any other regulatory reporting vendor.

The four 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 which will affect the UK for the first time in 2013 and includes:

·; New regulatory calculations: for capital and large exposures

·; New reports: 34 new COREP templates

·; New delivery methodology: XBRL

The European Banking Authority's Common Reporting requirements are not expected to be finalised until June 2012 but, as this leaves little time before the January/March 2013 reporting deadlines, firms are implementing systems NOW in order to be ready.

Lombard Risk business 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 clients to identify the additional information that is needed to meet the first regulatory submission requirements.

James Philips, Director Regulatory Compliance, explains: "The precise calculations and report details are not yet finalised by the regulators but, from our experience and close working relationship with the EBA, we are sufficiently confident of a large proportion of the information that's required, and will issue calculation engines and reporting templates that meet the final detailed requirements as and when they are published."

John Wisbey, CEO, added: "This major regulatory change is similar to the situation our clients found themselves in with the FSA's liquidity regime of 2010. We started work with firms well in advance of the finalisation of the regulation and were able successfully to implement more than 35 systems in good time for clients to meet the FSA's requirements and remain compliant."

The work carried out to prepare for the EBA Common Reporting will also help firms meet the January 2013 Basel III deadlines to implement best practices in relation to monitoring, stress tests and MIS. The EBA are also responsible for Financial Reporting (FINREP - with up to 69 new templates depending up the accounting standards applied) and the Lombard Risk REPORTER solution will meet those demands as well; providing clients with a single, strategic, 'open' solution to meet ALL regulatory demands AND create a unique, central repository of regulatory-ready data from which to create management information, business intelligence and ad-hoc reports as required.

 

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About Lombard Risk - www.lombardrisk.com (London Stock Exchange: LRM)

Lombard Risk is a leading provider of integrated collateral management and liquidity, regulatory and MIS reporting solutions for the financial services industry. Founded in 1989 and headquartered in London, Lombard Risk has offices in New York and New Jersey in the U.S.; Shanghai, Singapore and Tokyo in Asia Pacific, and Service Centres in Cape Town and Luxembourg. Our clients include banking businesses - over 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, insurance firms and large corporations worldwide.

The Lombard Risk solution suite is developed and supported by an extensive team of risk and financial experts and includes:

REPORTER - global regulatory reporting. A scalable solution for regulatory compliance at head office and/or branch level with global coverage providing detailed supervisory computations including all Basel III capital and liquidity calculations. Streamlined integration to multiple source systems is enabled by its rich ETL functionality. Lombard Risk's REPORTER is the regulatory reporting market leader in the United Kingdom, with nearly 40% of the market and also holds a significant market share in many countries in Asia and Europe. REPORTER integrates with LISA for stress testing and scenario analysis - now part of the regulatory scene.

Download a data sheet on the Lombard Risk global regulatory reporting solution

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.

Download a data sheet on the Lombard Risk U.S. and Canadian regulatory reporting solution

LISA® - scenario analysis and stress testing. LISA satisfies the latest stress testing requirements and supports growing regulatory demands for timely and reliable information including detailed 'What-if' analysis. Currently in use at many financial institutions including in the UK to meet FSA's 2010 liquidity regime.

MIS Reporting - a flexible and easy-to-use module for management reporting across the Lombard Risk product range AND for use 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.

Dodd-Frank Act Engine solution - designed to meet the regulators' demands as defined in the Title VII of the Dodd-Frank Act: WALL STREET TRANSPARENCY AND ACCOUNTABILITY - Regulation of Over-the-Counter Swaps Markets. The Lombard Risk Dodd-Frank Act Swap data reporting solution is designed as a GENERIC solution for real-time regulatory reporting needs; will interface seamlessly with an organisation's banking systems and does not have dependencies on any specific system(s).

Download a data sheet on the Lombard Risk Dodd-Frank Act Engine solution

COLLINE® is astate-of-the-art, web-based solution designed by experienced business practitioners for end-to-end, cross-product (OTC derivatives, Repos and Securities Borrowing and Lending) collateral management - designed to assist firms in handling the increase in collateralised trades and meeting new regulatory demands. 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, dispute management and electronic messaging.

Download a data sheet on the Lombard risk collateral management solution

The Lombard Risk software solution suite also includes OBERON® trade capture and valuation and FIRMAMENT® credit and equity valuation.

 

Visit the Media Centre on the Lombard Risk website and/or contact:

John Wisbey - CEO

Head Office: London | +44 (0)20 7593 6700

Rebecca BondGroup Marketing Director

UK+44 (0)20 7593 6796

[email protected]

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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